The Karachi Accountability Court has given written permission to the National Accountability Bureau (NAB) to seize the Mall of Islamabad, a luxury property linked to well-known real estate tycoon Malik Riaz. The move comes as part of an ongoing money laundering investigation involving several accused individuals.
According to NAB’s petition, a reference under Section 8 of the Anti-Money Laundering Act is already pending against Malik Riaz and others. The bureau stated that it had discovered fresh evidence of money laundering during its investigation, prompting the request to seize the property.
Mall of Islamabad Linked to Front Companies
The Mall of Islamabad, estimated to be worth around Rs385 million, was reportedly bought through front companies connected to Malik Riaz. The NAB application, filed on March 27, mentioned that the property is located at Plot No. 65N, Sector F-7/1, Blue Area, Islamabad.
Investigators revealed that the property was originally purchased in 2014 by Ayaz Khan and Waqar Riffat. The petition further stated that Wiki Trading Company, one of the firms involved in the purchase, is owned by Malik Riaz’s brother, Farhat Hussain, and his nephew, Wasim Riffat.
Pending Reference and Arrest Warrants
NAB informed the court that a money laundering reference against Malik Riaz is already under trial. The bureau added that the recent seizure request was filed after obtaining additional evidence linking the Mall of Islamabad to illegal financial transactions.
The Accountability Court had previously issued arrest warrants multiple times for nine accused individuals, including Malik Riaz and his sons, in the same case. The court’s latest order strengthens NAB’s position in recovering assets suspected to be tied to money laundering activities.
In other news read more about FIA Uncovers Money Laundering Trail Linked to Bahria Town and Malik Riaz
With the approval to seize the Mall of Islamabad, NAB aims to ensure that no property connected to alleged illegal funds remains outside its control while the trial continues.
