ISLAMABAD - The Supreme Court of Pakistan on Monday granted bail to the Chief Executive Officer (CEO) of B4U Group in Mudaraba case against the surety bond of Rs1 million. A three-member bench of the apex court headed by Acting Chief Justice Umar Ata Bandial conducted hearing of the bail application of B4U CEO Saif-ur-Rehman. The bench summoned Director General National Accountability Bureau (NAB), Rawalpindi regarding the arrest of Saif-ur-Rehman from Supreme Court premises.

The B4U CEO was arrested by the NAB while on way to Supreme Court after the Islamabad High Court (IHC) had rejected his bail plea.

During the hearing, Justice Munib expressed annoyance over the arrest of the CEO from apex court premises by NAB officials. He asked that what the emergency was that NAB arrested Saif from the SC premises in dramatic style.

The Court ordered the NAB officials, who were involved in the arrest of the B4U CEO from Supreme Court, to deposit surety bond against Rs1 lac each. The SC Office was directed to submit the incident footage on the next date.

Justice Bandial said that NAB official should have kept in mind the Supreme Court prestige, and they would not allow such contempt by the NAB officials. He said that through footage they would identify the officials who were involved in the act.

The acting CJP said that NAB should recover money in accordance with the law and not to terrorise the public. He said that when the accused had given undertaking that he would appear before the Supreme Court as per law then there was no need to arrest him from the court building.

Advocate Latif Khosa, representing the CEO B4U Group, argued that such kind of incidents even do not take place in the Sessions Courts.  

The Special Prosecutor General NAB, however, accepted that the officials have made mistake to arrest the accused from the Supreme Court premises. The SPG said that he is ready to tender apology to the apex court and the applicant (Saif) for the irresponsible act of the NAB officials.

Justice Bandial said that NAB officers need training. He said that officials should not use authority to harass people.

According to the National Accountability Bureau (NAB), 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 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.

Meanwhile, taking strict notice of the arrest of an alleged accused from the premises of Supreme Court of Pakistan, Chairman NAB Justice (retired) Javed Iqbal ordered strict action against the responsible persons as per law.

Chairman NAB has sought report of the incident from NAB Rawalpindi within the next 24 hours, a spokesman said. In light of the report, the responsibility will be fixed and strict action will be taken against the negligent officers/ officials of the bureau.

Justice (retired) Javed Iqbal will chair NAB’s Executive Board (EBM) meeting today (Tuesday) at NAB Headquarters in which various inquires, investigations and corruption references will be discussed and authorised after due diligence and collective wisdom of the senior management of NAB as per law.