Karachi court allows NAB to seize Malik Riaz's mall in Islamabad

An accountability court in Karachi has given a go-ahead to the National Accountability Bureau (NAB) to seize the Mall of Islamabad, a property owned by real estate magnate Malik Riaz.

The order came in a case pertaining to money laundering and other related offenses.

According to the bureau, a reference under Section 8 of the Anti-Money Laundering Act is currently pending against Malik Riaz and others. The accountability watchdog stated that its probe had uncovered substantial evidence of money laundering. In its petition submitted on March 27, NAB claimed that the Mall of Islamabad, estimated to be worth around Rs385 million, had been acquired through front companies linked to Malik Riaz.

Investigators said that the property, located at Plot No. 65N, Sector F-7/1, Blue Area, was initially purchased in 2014 by Ayaz Khan and Waqar Riffat. The petition further noted that one of the companies involved in the purchase, Wiki Trading Company, is owned by Riaz’s brother, Farhat Hussain, and nephew, Wasim Riffat.

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NAB told the court that a money laundering reference regarding the same matter is already under trial, and the current seizure request was submitted after new evidence confirmed the property’s connection to illicit financial activities.

The Accountability Court has repeatedly issued arrest warrants for nine accused, including Malik Riaz and his sons, in connection with the ongoing investigation.