The National Accountability Bureau (NAB) has introduced a digital system to transfer money directly into bank accounts of fraudsters, aimed at making the process faster and more easier.
In a statement on Wednesday, the NAB said the move was raised to deal with the difficulties faced by the victims of the first to raise their money. The press release states that “NAB has decided to transfer online recovery funds online to ensure that the victims receive their dues without problems.”
The new system was officially launched at a ceremony headed by NAB Chairman (Rated) LT Jane Nazim Nazir Ahmed, who personally oversee the first phase of the transfer. During this phase, the victims of B4U fraud received funds directly into their bank accounts.
From salary orders to online transfer
So far, NAB has returned the money at a time through a limited number of victims issued by pay orders. Those who benefit from this procedure need to visit the NAB office physically, which causes the process longer and suffering. With the new digital system, the funds will be sent directly to the accounts, which will eliminate the need to personally be deposited.
In the launch event, NAB’s Islamabad/Rawalpindi office RS. In a single day, 878.709 million of the B4U scam victims from 5,008 victims.
B4U case background
In February 2021, the NAB launched a B4U fraud investigation in February 2021 following complaints from the Securities and Exchange Commission of Pakistan (SECP) and the victims. The inquiry ended with the accused, who claimed responsibility for Rs 500. 7.3 billion. Of this, Rs 3.7 billion has been recovered so far and 17,250 victims are being distributed. Once recovered, the remaining money will be returned.