ISLAMABAD: The Supreme Court, on Friday, extended the interim bail of the chief executive officer (CEO) of B4U Group in Modaraba case until September 22.
A three-judge bench, headed by Acting Chief Justice Umar Ata Bandial, on August 30 had granted bail to B4U CEO Saifur Rehman for two weeks. Saif was arrested at the Supreme Court gate when he was coming for bail. The Islamabad High Court (IHC) had rejected his bail plea.
The apex court on August 30 had granted him an interim bail for two weeks after hearing the arguments of the NAB special prosecutor general and asked the NAB, if the accused does not cooperate then they could approach them.
In Friday's hearing, the acting CJP asked the lawyers of both the parties to come prepared on the next hearing as huge money is involved in the instant matter. The NAB submitted evidence of receiving huge money by the accused.
Saifur Rehman's lawyer Sardar Latif Khosa informed that his client's accounts have already been frozen. Justice Mansoor Ali Shah remarked that huge money was transferred in the accused accounts. He questioned whether B4U is a registered company? The NAB prosecutor replied that it is an unregistered company, adding money is received in the names of individuals.
The acting CJP inquired whether the accused is cooperating with investigation officers. The NAB prosecutor responded that the bureau sent questionnaire to the accused, but he did not give satisfactory answers. Justice Mansoor asked what a satisfactory answer means. The counsel contended that the NAB IO wanted answers according to his wishes. He said after every two days his client is summoned in the NAB office and he is made to sit there for hours. Justice Mansoor said if the accused replies are unsatisfactory then the NAB can proceed further.
Justice Bandial said the NAB has to conduct investigation according to its procedure and on the sweet will of the accused. The prosecutor stated that the accused is not providing investors' lists.
Saif's counsel said that the Pakistan's Securities and Exchange Commission (SECP) has also fined his client, which has been challenged. Justice Muhammad Ali Mazhar remarked that four lac people have invested their money.
The case was adjourned until September 22.
According to the NAB, B4U company is accused of cheating the public at large in the name of investment for which the SECP 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