The Federal Board of Revenue (FBR) has auctioned a 527-kanal and 10-marla property owned by Bahria Town in Murree as part of efforts to recover outstanding tax liabilities amounting to Rs26 billion.
The property, located in Mauza Kathar Sharqi on Angori Road, was sold through a fresh auction conducted under the Income Tax Ordinance, 2001, after an earlier auction process failed to produce a successful outcome.
According to sources, a Pakistani businessman emerged as the highest bidder in the latest auction. The total acquisition cost of the property, including applicable taxes and other charges, stood at approximately Rs825 million.
The FBR reserved the authority to accept or reject any bid during the auction proceedings as part of the recovery process.
Arrest warrants issued for Malik Riaz
Back in January, an accountability court issued arrest warrants for Malik Riaz, his wife Bina Riaz, his son Ahmed Ali Riaz and four other people in a National Accountability Bureau (NAB) case.
During the hearing, NAB prosecutors Manzoor Shah and Hana Ashraf presented a report that had been prepared by Muhammad Ramzan. The report said a formal reference had been filed after examining the available evidence and official records.
The court also ordered the seizure of the Mall of Islamabad and directed that the property be confiscated by the state. Official notifications for the confiscation were later issued.
In addition to this, the court directed three of the accused to submit bail bonds worth Rs500,000 each.
It also ordered authorities to strictly enforce the arrest warrants issued against the remaining accused.
Also read: NAB takes possession of Malik Riaz’s Rs100 billion Bahria Icon Tower in Karachi
