ISLAMABAD (Kashmir English): The National Accountability Bureau (NAB) Rawalpindi on Thursday successfully auctioned three out of six commercial properties linked to Bahria Town and property tycoon Malik Riaz as part of its ongoing efforts to recover defaulted amounts from a court-approved plea bargain settlement of 2019.
According to the details, the CEO of Kashmir Digital, Musawar Abbasi, won the bid for Rubaish Marquee, a property in Bahria Town Rawalpindi, for Rs 508 million, Rs 20 million higher than the reserved price, marking a significant step in the recovery process.
Abbasi has emerged as the leading bidder across all Bahria Town property auctions. However, the auction process remains ongoing until the completion of all court proceedings.
In addition to that, the anti-graft watchdog received conditional bids of Rs 876 million for Corporate Office One and Rs 881.5 million for Corporate Office Two, with final approval pending.
However, no qualifying bids were made for the remaining three properties, which will be re-auctioned at a later date.
The auction of Bahria Town’s properties is part of the judicial plea bargain settlement aimed at recouping outstanding amounts from the real estate company, which has been embroiled in several legal and financial disputes.
The auction came a day after the federal Information Minister Attaullah Tarar revealed that the Federal Investigation Agency (FIA) has uncovered evidence of a massive money laundering racket against Bahria Town and Malik Riaz during the recent operation.
In an interview, Tarar said that the agency has discovered important documents showing illegal transactions amounting to Rs. 1.12 billion. These documents are irrefutable evidence of Malik Riaz and the staff of Bahria Town’s involvement in massive money laundering, he added.
He said that Bahria Town used Safari Hospital as a front office to hide records and cash, and the hospital’s ambulance was used to move records and cash.
