B4U Global’s Saifur Rehman Niazi granted bail after being arrested
Islamabad: The National Accountability Bureau (NAB) on Monday arrested B4U Global CEO Saifur Rehman Niazi from outside the Supreme Court of Pakistan after the Islamabad High Court rejected his bail plea.
Supreme Court judge Justice Umar Atta Bandial took notice of his arrest from the apex court’s premises and granted him bail.
Earlier, the NAb said Niazi’s B4U Global 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. Neither the company has any physical businesses nor any licence from the central bank.
A fine of Rs4 billion was imposed on B4U Global by the Securities and Exchange Commission of Pakistan in June after the regulator concluded its adjudication proceedings against B4U Group and its sponsors for raising illegal deposits from the public and operating pyramid schemes, in violation of the Companies Act, 2017.
The SECP said in a statement that “The B4U Group comprises 18 companies incorporated under the Act, as well as five unincorporated business setups.” All 18 companies were registered during the last two years. The main sponsor of B4U Group is Saifur Rehman along with his immediate family members.”
It said the commission has “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 sponsors will not be allowed to incorporate any new company under the Act