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B4U’s Saif-ur-Rehman, son placed on ECL in Rs119b scam

NAB investigating the massive fraud

SAMAA | - Posted: Apr 29, 2021 | Last Updated: 1 week ago
SAMAA |
Posted: Apr 29, 2021 | Last Updated: 1 week ago

The National Accountability Bureau has asked for the names of the owners of B4U Global Saif-ur-Rehman and his son Ahmar to be put on the Exit Control List so they cannot leave the country as their company is being investigated for fraud.

The two men have been accused of fraudulently encouraging people to invest in their company, according to SAMAA Money.

NAB has asked victims of the B4U Global fraud to contact them in Rawalpindi.

B4U Global Investment grew 4.5 times in less than a year with its investor base rising from 100,000 in June to 450,000. It is estimated that the company has attracted billions of rupees in investment.

The Malaysia-returned Pakistani uses a controversial multi-level marketing business model to offer people unrealistic and guaranteed profits. The promise ranges from 7% to 20% a month (or 2.4 times a year), depending on one’s network size.

Earlier in December last year, the Securities and Exchange Commission of Pakistan warned people against investing in any fraudulent schemes that promise hefty profits and unrealistic incentives. B4U was on its list.

Related: What is B4U Global and is it a legitimate business?

“This entity is raising unauthorised deposits from the general public in the name of different investment plans,” the SECP said. It added B4U is working with different companies registered with the SECP, and that the watchdog has already initiated legal proceedings against these companies and their directors.

SAMAA Money has received hundreds of questions over the past few months from people who want to know if B4U is a legitimate business or not.

 
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7 Comments

  1. Syed Razi Uddin Ahmad  April 30, 2021 4:58 am/ Reply

    Dear Farooq Baloch, i saw your previous video on this as well. A great work and effort, indeed. Sadly, i wrote two part detailed cover story in January, 2021 exposing B4U, Lasani and Pakistan Proj. Unluckily, i contacted two media houses but both refused to publish it. I had no interest in using Social Media, so i stay aside except making few comments, here and there.

    B4U did some money laundering as well. The agencies need to work on this angle as well. It may looks odd, but Meezan Bank (and if few others as well as Jazz Cash) should be penalised as well. Is this their standard of KYC ?

    My email is xyzrazi@gmail.com. Will love to be in touch with you.

  2. Syed Razi Uddin Ahmad  April 30, 2021 5:19 am/ Reply

    NAB should be reminded that Saif ur Rehman is holding two CNIC. other in name of Tariq Khan s/o Zardad Khan. So that name shall also be kept in ECL.

    There is also a need, that list of all COVID positive and negative people shall be accessible through some system. And Islamabad High Court as well as NAB should look and ensure that Said ur rehman and his wife Romaisa are actually having COVID (and its not a fake case). They should be checked by court that they have anti-bodies (otherwise they never had COVID). And in such case, they shall be trialed for passing false information to courts.

  3. S M Mokaarim  April 30, 2021 12:50 pm/ Reply

    I agree with Mr Razi about Meezan Bank specially, who call themselves an Islamic Bank. Majority of B4U clients are withdrawing “interest ie سود” using Meezan Bank. 100 Billion means minimum 7 Billion Rs in shape of سودی منافع is distributed through a so called Islamic Bank. Do they have ie Meezan Bank administration some reason to justify or they were hand in glove with B4U

    Accts of many of my friends were closed by Meezan citing reason that client using Meezan Visa or Mastercard purchased Cryptos online.

    And what a laughing stock that B4U prime bank was Meezan and B4U own claim is that 60% of their investment is in Bitcoin. So concerned people handling Sharia comploances specially at PSX should review about Meezan Bank,,,,whether they are Islamic and Sharia compliant company or not.

    For me .they are not. Just a false sharia cover

  4. Hani  April 30, 2021 3:19 pm/ Reply

    They have tons of money in transferwise which is a fintech bank of uk. So yes hey have huge sums on money abroad.

  5. Zuhaib  April 30, 2021 6:22 pm/ Reply

    This is totally 100 % fraud company as samaa money had defined very well in early vedio , this is biggest scam going to happen.

  6. Inran  April 30, 2021 10:57 pm/ Reply

    The biggest thief is media,.why you are behind B4U because you are not getting bribe from Saif ur rehman?

    • Syed Razi Ahmad  May 1, 2021 1:33 pm/ Reply

      No one stopped B4U or you to sue SAMAA or any media house.

      They have no “source of generating profit”.

      I covered the Samad “dadabhoy” fraid to Sibte Hasan “Double Shah” and even Qari ihsan Modarba (when it was infancy). Sadly, the victims always believe that injustice is being made with them and the “fraudster”, sadly, greed has no eyes.

      Imagine, why cant B4U or Lasani approach Govt of Pakistan and offer their “so called expertise”, after which they can get 1 Billion USD from State Bank and then double it in year to return loan on Pakistan.

      And why not, US / UK / Japan, where annual profit given by Banks are merely less nothing or less than 0.5% per annum, people of these countries do not jump towards B4U. If i live in US/UK, will borrow whatever is possible from my bank (barely 1 to 2% per annum) and invest all in B4U to become rich overnight. Think why it is not happening, and what is wrong.

      If you have time, just google, Sahara Pariwar scam in India (here we have B4U Family). The main sponsor of Indian Cricket team ie Sahara was nothing but fraud. So did a sponsor of PSL also.

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