Wednesday September 22, 2021

Multi-billion Rupee scam: B4U Group CEO Saif Ur Rehman Arrested On SC Orders

Islamabad: B4U Group CEO Saif-ur-Rehman Khan was arrested as Supreme Court dismissed his interim bail in a fraud case of worth 16 billion rupees.

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.

A three-member bench, headed by Justice Umar Ata Bandial, heard the case.

Justice Mansoor Ali Shah said that as per the law, the reference was sent to NAB by the Securities and Exchange Commission of Pakistan after which the bureau began investigating Khan.

“How much tax does Khan pay?” the court asked the National Accountability Bureau prosecutor. “According to tax records, Saif-ur-Rehman is a salaried employee,” he replied.

Justice Shah inquired if the accused dealt in crypto-currency to which NAB refused. “He apparently doesn’t run a business at all,” the prosecutor revealed.

Here, Khan’s lawyer, Latif Khosa, intervened and said that the Companies Act, 2017 of the SECP applies to his client’s case. “What act when the company doesn’t even exist,” Justice Shah pointed out.

Consequently, the top court rejected Khan’s plea for a bail extension but stopped NAB from arresting the suspect inside the court. “You may arrest him as soon as he walks out of the room,” Justice Bandial said.

The SC ordered hearing of contempt of court against the NAB to be fixed after two weeks.

On the other hand, the court rejecting apology from Director General (DG) NAB Irfan Mangi and said that every personnel of the NAB, who involved in the arrest of accused in the premises of the court, has to apologize individually from the court.

Earlier, on August 30, the Supreme Court granted Khan bail which was later extended against surety bonds worth Rs2 million.

He was arrested from the court’s premises at around 9:30am on August 30.

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