NAB Launches Online System to Transfer Recovered Funds to B4U Fraud Victims

The National Accountability Bureau (NAB) has introduced a digital system to transfer recovered money directly into the bank accounts of fraud victims, aiming to make the process faster and more convenient. In a statement on Wednesday, NAB said the initiative was taken to address the difficulties victims previously faced in collecting their money. “NAB has decided to transfer recovered funds online to ensure victims receive their dues without hassle,” the press release noted. The new system was formally launched at a ceremony chaired by NAB Chairman (retd) Lt-Gen Nazir Ahmed, who personally oversaw the first phase of transfers. During this phase, victims of the B4U fraud received funds directly in their bank accounts. Until now, NAB has returned recovered amounts through pay orders issued to a limited number of victims at a time. This method required beneficiaries to physically visit NAB offices, making the process lengthy and inconvenient. With the new digital system, funds will be sent directly to accounts, eliminating the need for in-person collection. At the launch event, NAB’s Islamabad/Rawalpindi office transferred Rs. 878.709 million to 5,008 victims of the B4U scam in a single day. NAB began investigating the B4U fraud in February 2021 following complaints from the Securities and Exchange Commission of Pakistan (SECP) and affected individuals. The inquiry concluded with the accused admitting liability of Rs. 7.3 billion. Out of this, Rs3.7 billion has so far been recovered and is being distributed among 17,250 victims. The remainder will be returned once recovered.