The National Accountability Bureau (NAB) has launched a system for online money transfer to victims of fraud. This step aims to digitalize the process and reduce delays. Previously, victims had to visit NAB offices to collect funds via pay orders, which was slow and cumbersome.
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In the first phase, NAB transferred Rs878.709 million to 5,008 victims of the B4U fraud in a single day. NAB chairman Lt-Gen Nazir Ahmed personally initiated the transfers into the victims’ bank accounts. The move eliminates physical collection and improves efficiency.
The B4U fraud investigation began in February 2021 after complaints from the Securities and Exchange Commission of Pakistan (SECP) and victims. The accused admitted a liability of Rs7.3 billion. So far, Rs3.7 billion has been recovered and distributed among 17,250 victims.
NAB officials said the remaining recovered funds will also be distributed online once recovered. The system ensures faster, secure, and direct payments to victims’ accounts. This digitalisation will benefit all future fraud recovery cases.
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The NAB online money transfer initiative represents a major step in modernizing accountability measures in Pakistan. Victims can now receive recovered funds efficiently, safely, and without unnecessary delays.