Pakistan

SC rejects bail plea of B4U CEO Saif

Written by The Frontier Post

ISLAMABAD (APP): The Supreme Court on Wednesday dismissed the interim bail plea of B4U Chief Executive Officer (CEO) Saif Ur Rehman, an accused of cheating public at large in a multi-billion rupee scam.
The Police arrested him as soon as he stepped out of the court premises following dismissal of his bail.
A three-member bench headed by Justice Umar Ata Bandial heard the case and announced a short order after hearing arguments from the accused’s lawyer Barrister Latif Khosa and the NAB prosecutor.
Latif Khosa counsel for the accused said that NAB did not have jurisdiction to probe this matter as the Securities and Exchange Commission of Pakistan (SECP) regulates investment firms. He said that his client was cooperating in investigation against him.
Justice Mansoor Ali Shah noted that the SECP forwarded a reference to the corruption watchdog for investigation.
Justice Bandial observed that the bureau wanted to investigate the alleged scam involving billions of rupees.
To a question whether Saif-ur-Reham was involved in the crypto currency business, the NAB prosecutor replied that no evidence was found in this regard.

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