ISLAMABAD: The National Accountability Bureau (NAB) confiscated ‘Mall of Islamabad’ owned by Bahria Town chief and well-known business tycoon Malik Riaz.
Following the orders of the Accountability Court of Karachi, the district administration and NAB teams completed the process of taking the commercial building into government custody.
The Accountability Court of Karachi issued an order to seize the property under the Anti-Money Laundering Act 2010 during the hearing of the money laundering case filed by the NAB. In its remarks, the court said that the said property was built through suspicious transactions and allegedly illegal funds, so it should be given to the state until the investigation is completed.
Popularly known as the ‘Mall of Islamabad’, is located in the Blue Area (Plot No. 65-N, Sector F-7/1), the commercial hub of the federal capital. It is considered one of the most expensive commercial buildings in the city, with a value estimated to be in the billions of rupees.
NAB documents states, the building was purchased and constructed through a front company called ‘Vicky Trading’ instead of directly in the name of Malik Riaz. The investigation revealed that the owners of this company include close relatives of Malik Riaz.
NAB claims that Bahria Town funds were allegedly transferred to these front companies through money laundering to hide the assets. The action comes at a time when Malik Riaz and his family are facing multiple cases.
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