Malik Riaz | Pakistan

ISLAMABAD. Addit­ional District and Sessions Judge Nasruminallah Bal­och has ordered the initiation of proclamation proceedings against Bahria Town founder Malik Riaz and his son Ali Riaz Malik in two cases pertaining to alleged money laundering of the housing giant’s funds abroad. During Saturday’s hearing, the court adjourned further proceedings aga­inst the real estate tycoon and his son until September 30, while moving to formally declare them as absconder in the cases. Last week, the same court distributed copies of the challan among three other accused, including retired Colonel Khalilur Rehman, personal staff officer of Malik Riaz, along with Mushtaq and Imran. According to court proceedings, Mr Rehman received the challan in person. Mushtaq appeared physically, while Imran’s attendance was marked via video link. Both Mushtaq and Imran are expected to appear in person at the next hearing. The FIA’s money laundering wing registered the case, alleging that the accused illegally transferred large sums abr...

ISLAMABAD - The National Accountability Bureau (NAB) on Thursday auctioned six prime commercial properties belonging to Bahria Town, intensifying efforts to recover funds in connection with a 2019 court-approved plea bargain involving Malik Riaz’s family.

Information Minister Attaullah Tarar on Wednesday said that the government had found evidence that real estate tycoon Malik Riaz and Bahria Town had engaged in money laundering on a “grand” scale. The development adds to the legal woes of the property tycoon and his real estate company, with the former being an absconder in the Al-Qadir Trust case, while the National Accountability Bureau has announced a fresh auction of six properties of Bahria Town. Delivering a televised press statement, Tarar said: “An important development occurred a day ago in the investigation of the Bahria Town corruption case. The Federal Investigation Agency (FIA) carried out a successful raid in which very important documents have surfaced that are incontrovertible proof of Malik Riaz and Bahria Town’s corruption.” He said the FIA had been conducting an ongoing investigation, with raids being carried out as well. “The documents that have surfaced reveal money laundering and corruption of a great amount by Malik Riaz and Bahria Town...

Property tycoon Malik Riaz on Tuesday called for “dialogue and a dignified solution” amidst Bahria Town’s legal troubles. His appeal comes as the Islamabad High Court (IHC) reserved its verdict on petitions against the proposed auction of Bahria Town properties. The assets were attached in connection with a plea bargain agreement reached in the £190 million case. The development adds on to the National Accountability Bureau’s (NAB) previous actions against Riaz, who owns Bahria Town and is an absconder in the Al-Qadir Trust case. NAB had said last month that the tycoon and his son Ali Riaz had entered into a plea bargain in the 190 million pounds case, but failed to pay the agreed amount. As a result, NAB had sought details of several properties, which were to be auctioned to recover the amount under Sec­tion 33E of NAB Ordinance, 1999. In 2019, the National Crime Agency (NCA) of the United Kingdom had agreed to a settlement worth £190 million with Riaz’s family. Earlier that year, the Supreme Court had accep...

Rawalpindi - The National Accountability Bureau (NAB) has filed a complaint under anti-money laundering laws with an accountability court here on Saturday against property tycoon Malik Riaz, his family and key officials of Bahria Town housing society.

The National Accountability Bureau (NAB) has issued a 15-day freezing order on properties across the country, including those owned by property tycoon Malik Riaz’s son and his company, Bahria Town Pvt Ltd, in a reference against the influential magnate and others, it emerged on Saturday The development adds on to NAB’s previous actions against Riaz, who is also an absconder in the £190 million Al Qadir Trust Case. According to the order — dated June 19 and seen by Dawn.com — 457 immoveable properties belonging to various individuals and entities have been frozen under Section 12 (power to freeze property), read with Section 34A (delegation of powers) of the National Accountability Ordinance (NAO), 1999. Referring to an investigation against “accused persons”, the order read: “It transpired that accused persons in active connivance with each other have usurped the government land admeasuring 16,896 acres situated in District Malir, Karachi,” stating that they violated Section 9A (the offence of corruption and ...