Malik Riaz Properties Frozen by NAB Amidst Land Scandal
The freezing order and stay on the auction process are part of a complex and ongoing investigation into alleged corruption and land grabbing by high-profile individuals and companies, with the case highlighting the need for transparency and due process in handling assets and investigating corruption allegations.
The National Accountability Bureau (NAB) has issued a 15-day freezing order on 457 properties nationwide, including those owned by Malik Riaz and his company Bahria Town Pvt Ltd, as part of an investigation into the alleged illegal transfer of government land in Karachi's Malir district.
The freezing order, issued under Section 12 of the National Accountability Ordinance, 1999, is tied to the £190 million Al Qadir Trust case and expands NAB's crackdown on high-profile individuals connected to controversial real estate dealings. The properties frozen include five assets of Bahria Town in DHA Rawalpindi, two properties owned by Ahmed Ali Riaz in Islamabad, and 18 Bahria Town properties in Islamabad.
This development follows an earlier decision by an accountability court to issue non-bailable arrest warrants for Malik Riaz, his son Ahmed Ali Riaz, and several others in connection with the Bahria Town Karachi land case. The case concerns allegations that senior PPP leaders, Bahria Town executives, and government officials colluded to convert and illegally transfer state-owned land to the real estate developer.
In a related development, the Islamabad High Court (IHC) has stayed the National Accountability Bureau's (NAB) planned auction of Bahria Town properties, which was scheduled for June 12. Bahria Town's legal team argued that the company is not an accused party in a £190m corruption case and that NAB's move to seize properties and auction them is unlawful.
The stay order has brought temporary relief to Bahria Town, one of Pakistan's largest real estate developers, and puts NAB's asset recovery strategy under judicial scrutiny. The case is expected to have significant implications for the real estate sector and the accountability process in Pakistan.