KARACHI: An accountability court in Karachi has approved the National Accountability Bureau’s (NAB) application to seize property Tycon Malik Riaz’s Mall of Islamabad.
As per details, the court granted permission for the confiscation under the ongoing reference against the accused, filed as per Section 8 of the Money Laundering Ordinance.
According to NAB officials, clear evidence of financial irregularities emerged during the investigation.
Reports stated that the plot for the Mall of Islamabad was originally purchased in 2014 by individuals named Ayaz Khan and Waqar Rifat. However, probes revealed that the project was effectively managed through front companies linked to Malik Riaz.
NAB’s application said that Wiki Trading Company, involved in the venture, is owned by Riaz’s brother Farhat Hussain and nephew Wasim Rifat.
Yesterday, the District and Sessions Court of Islamabad declared Bahria Town chief Malik Riaz a declared fugitive in cases related to the alleged transfer of Bahria Town funds abroad through money laundering.
Additional District and Sessions Judge Nasr Minallah Baloch heard the case.
The court declared Malik Riaz and his son Ali Riaz fugitives in two cases of illegal transfer of Bahria Town funds abroad.
The court, in its order, also directed the blocking of the identity cards and mobile SIMs of Malik Riaz and other declared fugitives.
During the previous hearing, the court had made strong remarks and said that Malik Riaz and his son Ali Riaz should appear in court in any case; otherwise, they will be declared fugitives.
It may be recalled that NAB had also put up for auction several important properties associated with Malik Riaz and Bahria Town.
The purpose of these properties is to recover the alleged dues, which are related to the court-approved agreement of 2019.
Six commercial properties have been put up for auction so far, of which three were successful.
This included Rubaish Marquee, Islamabad, sold for Rs 508 million, and conditional bids were received for two corporate offices.
In addition, Malik Riaz’s son, Ali Riaz’s land, covering 405 kanals, was also auctioned, which is located in the Bhara Kahu area.
The land was auctioned at a price of Rs 3.42 million per kanal.
These operations are part of serious allegations against Malik Riaz, including money laundering, opaque transfer of properties, and alleged illegal asset acquisition.
The court and accountability agencies are investigating these matters through legal channels, with the aim of getting to the bottom of the alleged corruption and recovering the money owed.
