ISLAMABAD: The Islamabad High Court (IHC) on Tuesday extended the interim bail of owner of the B4U company Saif ur Rehman in a case pertaining to looting the public money on the name of investment.
A division bench comprising Chief Justice Athar Minallah and Justice Aamer Farooq heard the case filed by accused Saif ur Rehman.
The court extended the pre-arrest bail of the accused and sought final arguments from respondents on next date of hearing.
The court also sought fine orders from the Security Exchange Commission of Pakistan (SECP) regarding the matter.
Deputy Prosecutor General NAB Sardar Muzaffar Abbasi informed the court that his department had issued arrest warrants against the accused and prayed the court to dismiss the bail petition of accused.
He said the SECP had fined to the company.
He further said the accused had collected Rs 11 billions from general public on the name of investment.
The company neither had any physical business set up nor had taken license under regulations of State Bank of Pakistan (SBP).
He said the accused had purchased around 40 properties so far on his and his children’s names.
NAB investigation officer Jameel Rehman presented the real case record to the court. The court adjourned hearing of the case till August 11.