KARACHI: An accountability court in Karachi has issued a formal order to seize the Mall of Islamabad, owned by Bahria Town founder Malik Riaz, as part of an ongoing investigation into alleged money laundering.
This latest decision is a significant development in one of Pakistan’s most prominent corruption cases. Court documents reveal that the National Accountability Bureau (NAB) had submitted a seizure request on March 27.
According to NAB, the property located at Plot 65-N, Blue Area, F-7/1, Islamabad, was acquired using illicit funds tied to front companies reportedly connected to Malik Riaz.
NAB informed the court that a money laundering reference against Riaz is already pending trial. The request for seizure followed the discovery of new evidence linking the Mall of Islamabad to unlawful financial activities.
The reference lists Malik Riaz, his sons, and various associates as accused individuals, with arrest warrants purportedly issued on several occasions. Investigators claim that the Mall of Islamabad, valued at Rs. 385 million, was originally purchased in 2014 by Ayaz Khan and Waqar Riffat, allegedly acting as proxies for Riaz’s business interests.
The NAB petition also highlighted that Wiki Trading Company, involved in this transaction, is owned by Malik Riaz’s brother Farhat Hussain and nephew Wasim Riffat.
These legal challenges intensify scrutiny on Malik Riaz, who has faced multiple allegations over land disputes, offshore investments, and financial irregularities in the past.
The Mall of Islamabad, regarded as one of Bahria Town’s landmark projects, is a luxury multi-purpose complex featuring upscale retail outlets, corporate office spaces, and residential units.
