The National Accountability Bureau (NAB) Rawalpindi auctioned three commercial properties linked to Bahria Town and Malik Riaz. This is part of a court-approved plea bargain settlement from 2019.
Musawar Abbasi, CEO of Kashmir Digital, won the bid for Rubaish Marquee in Bahria Town Rawalpindi. He paid Rs 508 million, which is Rs 20 million above the reserved price. Abbasi has been the highest bidder in all Bahria Town property auctions so far.
The auction process is still ongoing and will continue until all court proceedings are complete. NAB also received conditional bids of Rs 876 million and Rs 881.5 million for Corporate Office One and Corporate Office Two, respectively. These bids await final approval.
However, no valid bids were made for the other three properties. NAB plans to re-auction these properties later.
These auctions are part of efforts to recover defaulted amounts from Bahria Town. The real estate giant has faced multiple legal and financial issues over the years.
The auction took place shortly after the federal Information Minister, Attaullah Tarar, shared findings from a recent FIA operation. The Federal Investigation Agency uncovered evidence of a major money laundering scheme involving Bahria Town and Malik Riaz.
Tarar stated that the FIA found documents proving illegal transactions worth Rs 1.12 billion. These documents show Bahria Town’s staff and Malik Riaz were involved in large-scale money laundering.
According to Tarar, Bahria Town used Safari Hospital as a front office to hide cash and records. The hospital’s ambulance was reportedly used to move these records and cash secretly.
This ongoing investigation and the property auctions reflect the authorities’ commitment to holding Bahria Town accountable.
In other news read more about Supreme Court Rejects Bahria Town Plea Against Property Auction
