Key Points
- NAB shifts to digital fund transfers, ending pay-order system
- Chairman Nazir Ahmed oversees disbursement of Rs 878 m to 5,008 victims
- Move linked to B4U fraud probe, with Rs3.7b recovered so far
- Agreement signed with NBP to expand digital payouts nationwide
ISLAMABAD: The National Accountability Bureau (NAB) has introduced a digital mechanism for returning embezzled funds, marking the first-ever online transfer of recovered money directly into the accounts of the victims of fraud.
The initiative was formally launched at NAB headquarters during a ceremony presided over by Chairman NAB Lt. Gen. (R) Nazir Ahmed. Senior officials, including the Deputy Chairman, Directors General, and management of the National Bank of Pakistan (NBP), were in attendance.
According to NAB officials, Rs 878.709 million was transferred in a single day to 5,008 victims of the B4U fraud, in what was described as the largest and fastest disbursement of its kind to date. Chairman Nazir Ahmed personally initiated the transfers, terming the shift to digitisation a “milestone” that would save victims from the hassle of visiting NAB offices and waiting for manual pay orders.
“This is a milestone for NAB. Under our new policy, victims will no longer have to make rounds to and from NAB offices to collect their money and will not face difficulties in receiving their funds. We are making the fund recovery process more efficient, transparent, and easier through technology,” the chairman said in his address to the ceremony.
NAB launched the probe into the B4U scam in February 2021 on complaints from the Securities and Exchange Commission of Pakistan (SECP) and individual victims. Investigators said the accused admitted liability of Rs 7.3 billion, out of which Rs 3.7 billion has been recovered and is being distributed among 17,250 victims. The remaining amount will be returned after recovery.
Officials said the new digital disbursement model will be replicated across all regional NAB offices in future cases. An agreement between NAB and NBP was signed at the ceremony to formalise the online transfer mechanism.
