ISLAMABAD: The Supreme Court Wednesday extended the interim bail of the chief executive officer (CEO) of B4U Group for two weeks in the Modaraba case and directed him to cooperate with the National Accountability Bureau (NAB).

A three-judge bench, headed by Acting Chief Justice Umar Ata Bandial on August 30 had granted bail to B4U CEO Saifur Rehman.

He was asked to submit Rs2 million surety bonds.

The NAB officials on August 30 had arrested the B4U CEO at the gate of the Supreme Court after the Islamabad High Court (IHC) had rejected his bail plea.

The bench asked the NAB that if the accused does not cooperate then they could approach the apex court.

Advocate Sardar Latif Khosa, representing Saifur Rehman, said that his client has challenged the NAB jurisdiction in the instant matter, adding the case falls under the jurisdiction of the SECP, and not of the NAB.

He said Saifur Rehman does not hold any public office.

Khosa contended that no one has registered any case against his client.

The Court said prima facie it seemed to be a case of NAB jurisdiction; therefore, ordered the NAB to submit details of evidence against the CEO B4U, and asked the anti-graft body to collect concrete evidence against the accused.

However, the bench restrained the NAB from harassing the directors of various companies involved in the fraud case.

It said the arrest of the accused from the premises of the Supreme Court is against the dignity of the apex court, and ordered the NAB to submit a report on action by the Bureau Chairman against its officials responsible for the CEO’s arrest from SC building.

The acting chief justice said in light of the report they would decide about initiating contempt proceeding against the officials.

He said without determining the crime the arrest is cruelty. This is a case of white-collar crime and not of murder, he added. Earlier, the NAB Prosecutor General informed the bench that the chairman had taken notice of the incident.

Justice Bandial appreciated the chairman for himself pursuing the matter.

He said the Supreme Court gate is open for everyone, whether he is innocent or an accused.

Khosa argued that the NAB has attacked the apex court.

Justice Bandial correcting him said it was not an attack but the NAB officials have committed contempt of court.

He said allegations of more than Rs100 billion fraud is not a minor issue.

According to the NAB, the B4U 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 license from the central bank. As per the NAB’s record, Rs11 billion were taken from the public through social media, which were found in as many as 26 bank accounts run by the company, and further investigations are underway to calculate the total amount held by the company in other accounts.

Copyright Business Recorder, 2021