ISLAMABAD: B4U Group CEO Saif-ur-Rehman Khan was arrested on Wednesday after the Supreme Court dismissed his interim bail in a multi-billion scam.
A three-judge, headed by Justice Umar Ata Bandial, announced a short order after hearing arguments from the accused’s lawyer Barrister Latif Khosa and the National Accountability Bureau (NAB) prosecutor.
Saif-ur-Rehman is accused of cheating public at large in a multi-billion rupee scam. Police arrested him as soon as he stepped out of the courtroom following dismissal of his bail.
His counsel stated before the court that NAB does not have jurisdiction to probe this matter as the Securities and Exchange Commission of Pakistan (SECP) regulates investment firms.
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He said that his client is cooperating in investigation against him.
Justice Mansoor Ali Shah, a member of the bench, noted that the SECP forwarded a reference to the corruption watchdog for investigation.
Justice Bandial observed that the bureau wants to investigate the alleged scam involving billions of rupees.
To a question whether Saif-ur-Reham was involved in the cryptocurrency business, the NAB prosecutor replied that no evidence was found in this regard. Seemingly, the accused doesn’t do any business, he added.