An accountability court has issued arrest warrants for the property tycoon Malik Riaz, his wife Bina Riaz, son, Ahmed Ali Riaz and four others.
The court heard the NAB complaint against the accused. The NAB prosecutors Manzoor Shah and Hana Ashraf submitted a detailed report compiled by Muhammad Ramzan.
The report informed the accountability court that a formal plea has been filed after intense examination of evidence and records.
At this, the court ordered the seizure of the Mall of Islamabad, and confiscated to the state of Pakistan. Official notifications regarding the confiscation have been issued.
The accountability court also instructed three of the accused to present bail bonds of Rs500,000 each, while ordering strict implementation of arrest warrants against the remaining accused.
Court Orders to Seize Malik Riaz’s Mall of Islamabad
An accountability court in Karachi earlier 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.
Malik Riaz declared fugitive
Earlier, 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.
