B4U Global’s Saifur Rehman Niazi asks investors to go for ‘Withdrawal’
Karachi: Days after the Securities and Exchange Commission of Pakistan imposed a hefty fine on BFU Global, company’s head Saifur Rehman Niazi has reassured the investors that they can withdraw their “profits” “cash box” and “bonuses” from banks.
In an audio message, Niazi asked his investors to verify the details of their bank accounts, titles and phone numbers in profile section before going for “Withdrawal”.
After concluding adjudication proceedings against B4U Group and its sponsors for raising illegal deposits from the public, the SECP “disqualified the sponsors of B4U Group from becoming a director of any company for a period of five years and has also imposed a penalty of Rs100 million on each of its sponsors”.
The news left thousands of investors worried as they started demanding the company to return their money. After Saifur Rehman Niazi’s statement, an unknown official of B4U Global said “Withdrawal” were not possible on July 1 due to bank closures. He assured the people that they can withdraw their money from July 3.