His company is accused of cheating people
The National Accountability Bureau has issued B4U Group CEO Saif-ur-Rehman Khan’s arrest warrant in a “historic fraud” case, Deputy Prosecutor General Sardar Muzaffar informed Islamabad High Court on Tuesday.
The company is accused of cheating the public at large in the name of investment for which Pakistan’s Securities and Exchange Commission has already slapped a Rs4 billion fine.
The court extended Khan’s interim bail till August 11. Whether Khan will be arrested or not will be decided after the court hears final arguments in the next hearing. The court has also asked for SECP’s penalty orders in the next hearing on August 11.
Jamil-ur-Rehman, the NAB officer investigating this case, presented records before the IHC and Muzaffar requested the court to reject Khan’s bail application.
This is reportedly the biggest fraud case in NAB’s history. According to the NAB’s record, Rs11 billion were taken from the public through social media, which were found in as many as 26 bank accounts run by the company and further investigations are underway to calculate the total amount held by the company in other accounts.
Neither the company has any physical businesses nor any licence from the central bank. NAB’s finding is contrary to the claims the company’s social media pages and channels use to fool investors. The company has so far bought 40 properties in the name of its owner and his children.
The case is being heard by Chief Justice Athar Minallah and Justice Aamer Farooq, while Sardar Latif Khosa is representing Saif-ur-Rehman Khan. The lawyers from both sides will give their final arguments at the next hearing.