B4U is Fraud – SECP & NAB hold Saif ur Rehman Niazi the Main Culprit – Bail Rejected by the Court

Islamabad; Tazeen Akhtar – CEO of B4U Group, Saif ur Rehman Niazi , the culprit of embezzlements in the public money in the name of investments has become absconder of National Accountability Bureau when he ran away from the premises of Islamabad High-count on 26 Aug 2021 after his bail was cancelled on 02 Aug 2021 and his lawyers were pleading for granting the bail. The bench of Chief Justice Ather Minallah and Justice Amir Farooq rejected bail request by his lawyers. NAB officials , Deputy Prosecutor General Sardar Muzaffar and others were present in the court to arrest him but the accused dodged them and ran away. 

NAB argues in the court  that Rehman’s companies are in deficit. The profit made by them for the public was apparently unrealistic. Rehman and his son Ahmar’s name were put on the Exit Control List .

B4U group is declared accused of raising illegal deposits from the public and operating pyramid schemes, in violation of the Companies Act, 2017.The Securities and Exchange Commission of Pakistan (SECP)  concluded adjudication proceedings against B4U Group and its sponsors in June 2021.

SECP has already sanctioned closure of all 18 companies and imposed Rs200 million penalty on each company. Aggregate penalties amounting to Rs4 billion have been imposed on B4U Group.

Earlier in May this year ,Islamabad Highcourt extended Rehman’s interim bail till 09 June 2021. He did not appear before the court that time as he had tested positive for Covid-19.

Sama News reported from the court that  written reply from the National Accountability Bureau was made part of the record. NAB requested the court to dismiss Rehman’s petition against its call-up notice. Rehman’s lawyer, however, sought time to respond to NAB.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.

The News published on 27 June 2021 that B4U Group comprises 18 companies incorporated under the Act, as well as five unincorporated business setups. All the 18 companies were registered during the last two years. The main sponsor of B4U Group is Saif-ur-Rehman, along with his immediate family members.

Reliable sources reveal that Mr. Saif ur Rehman Niazi claims to be the close friend of high officials in the present government of Pakistan. His cast “Niazi” helps him in forcing the people to think that he is something highly placed “thing”. He has also been seen in meetings with diplomats in the capital along with his local accomplices who have access in the diplomatic community of Islamabad.

Matter of fact is he has nothing to do with any minister or high official of Pakistan and Mr Saif ur Rehman Niazi is just using their names to influence the  people to invest their life money in a business that has no genuine roots and reward.