NAB court refuses to extend physical remand
An accountability court in Islamabad has sent Saif-ur-Rehman Niazi, the prime accused in the alleged B4U scam, to jail on judicial remand after his lawyer Latif Khosa successfully pleaded against NAB’s request to extend his physical remand.
Niazi faces charges of defrauding people in the name of investment. An accountability court heard the case against him on Thursday.
The accused was produced by the National Accountability Bureau (NAB) before Judge Muhammad Bashir after his physical remand ended.
The NAB prosecutor told the court that the accused Saif-ur-Rehman Niazi has to be further investigated as he is also running Ponzi schemes in other countries.
The prosecutor said that the NAB investigators also wanted to interrogate Niazi in connecting with public office holders and banks.
The NAB prosecutor requested that Niazi’s physical remand be extended to allow the investigators to, especially, glean bank account details from him.
However, Latif Khosa, counsel for the accused Saif-ur-Rehman Niazi, objected to NAB’s request saying that when the accused had not taken a loan from any bank, he could not be implicated in a bank-related case. Khosa also argued that matters pertaining to banks fell beyond NAB’s jurisdiction.
Latif Khosa told the court that an appeal has been filed against the fine imposed by the SECP and that the NAB had been remanding the accused for a month.
Latif Khosa opposed the extension of physical remand and pleaded to meet the accused. The court granted Latif Khosa’s plea and allowed him to meet the accused.
The court rejected the NAB’s request for the extension of the physical remand. The court sent Saif-ur-Rehman Niazi to jail on judicial remand.
B4U Group CEO Saif-ur-Rehman Khan was arrested outside the Supreme Court On September 22 in a fraud case after the apex court turned down a plea to extend his bail. Earlier, the court had granted him two week interim bail prevening NAB officials from arresting him.
Khan, the owner of B4U Group of Companies (later renamed as Saif ur Rehman Group), is accused of cheating the public at large in a multi-billion rupee scam.
He had been running an illegal multi-level marketing scheme in Pakistan and had collected an estimated Rs116 billion from the victims, according to the NAB DG .
NAB documents say Saif-ur-Rehman Niazi was arrested for not cooperating in the inquiry and that the arrest was necessary to complete the investigation.
It was feared that Saif-ur-Rehman Niazi would go into hiding or temper with the evidence, the documents claim.
The NAB documents also state that there is strong evidence of corruption against Saif-ur-Rehman Niazi. The accused cheated in the name of business through fraud and dishonesty.
Saif-ur-Rehman also violated SECP rules, according to the case against him.