Malik Riaz Extradition Process Begins

In a significant development, the National Accountability Bureau (NAB) has initiated the process to extradite Pakistani property tycoon Malik Riaz and his son Ali Malik from the United Arab Emirates (UAE) under international anti-money laundering laws and the Vienna Convention.

The move comes after the UK Home Office cancelled the visa of Mr. Riaz and his son Ali, following a review of the National Crime Agency's investigation and settlement with Mr. Riaz in 2019. The decision was also influenced by Supreme Court judgments and a Joint Investigation Team's (JIT) report on money deposited by Bahria Town into fake accounts. Additionally, a NAB reference was filed in April 2019 against Bahria Town, accusing the company of illegally occupying public and private land for its housing projects across the country.

NAB has announced an investigation into allegations of large-scale financial fraud and embezzlement in Bahria Town Karachi, a real estate project owned by Malik Riaz. The bureau is seeking complaints from citizens who claim to have been deceived and had their money misappropriated. To facilitate this, NAB has issued an advertisement requesting applications from affected individuals, who have a 30-day window to submit their complaints, along with necessary documentation.

The extradition process and investigation into Bahria Town's activities mark a significant step towards accountability and transparency in the country's real estate sector. As the process unfolds, it remains to be seen how the situation will develop and what implications it may have for Malik Riaz and his business empire.