ISLAMABAD (Kashmir English): In a recent development, arrest warrants have been issued for the business tycoon Malik Riaz, his wife Bina Riaz, and his son, Ahmed Ali Riaz.
The court heard the NAB complaint against the accused. The NAB prosecutors, Manzoor Shah and Hana Ashraf, submitted a detailed report compiled by Muhammad Ramzan.
The report informed the accountability court that a formal plea has been filed after an intense examination of evidence and records. At this moment, the court approved the confiscation of the Mall of Islamabad because the property now belongs to the state of Pakistan.
Official notifications regarding the confiscation have been issued. The accountability court ordered three defendants to submit bail bonds of Rs500000 each, while it commanded authorities to execute arrest warrants against all other defendants.
Court Orders to Seize Malik Riaz’s Mall of Islamabad
The National Accountability Bureau (NAB) applied to an accountability court in Karachi for permission to acquire property, Tycon Malik Riaz’s Mall of Islamabad. The ongoing reference against the accused under Section 8 of the Money Laundering Ordinance received court approval to confiscate assets.
NAB officials discovered evidence that demonstrated financial misconduct during their investigation. Reports indicated that Ayaz Khan and Waqar Rifat acquired the property for the Mall of Islamabad in 2014.
The investigation disclosed that Malik Riaz managed the project through unofficial companies which he operated as front businesses. NAB’s application stated that Wiki Trading Company, which participated in the project, is operated by Riaz’s brother, Farhat Hussain, and his nephew Wasim Rifat.
Malik Riaz was declared a fugitive
The District and Sessions Court of Islamabad declared Bahria Town leader Malik Riaz a fugitive because he allegedly transferred Bahria Town funds to foreign accounts through money laundering.
