ISLAMABAD (Kashmir English): In a groundbreaking move, the government has taken full possession of ”Mall of Islamabad” previously owned by Business Tycoon Malik Riaz.
According to the details, an accountability court in Karachi has ordered the seizure of the Mall of Islamabad (located at Plot 65-N, Blue Area, F-7/1), owned by Bahria Town chairman Malik Riaz, following a National Accountability Bureau (NAB) request in an ongoing money laundering investigation.
The court approved the seizure under the Anti-Money Laundering Act, 2010, granting NAB control over the commercial property.
Arrest Warrant Issued
In addition to property seizers, arrest warrants have also 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.
