ISLAMABAD: Bahria Town’s high-value asset, the ‘Club Road Property’, has also been sold after the successful auction of Rubish Market.
As per details, the property was auctioned for over Rs2 billion. Azaad Digital’s Chief Executive Officer and prominent lawyer, Advocate Musawar Abbasi, emerged as the winning bidder once again.
The auction of the prime Bahria Town property caught the interest of many top businessmen across Pakistan. However, Musawar Abbasi placed the highest offer after an intense round of bidding and secured prime property.
It is worth mentioning that Masoor Abbasi had earlier won the auction for Bahria Town’s well-known Rubish Market property, a testament to his growing investment network and expanding business portfolio.
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.
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.
Also read: Court Orders to Seize Malik Riaz’s Mall of Islamabad
