The Karachi Accountability Court has granted permission to the National Accountability Bureau (NAB) to seize the Mall of Islamabad, a property linked to real estate tycoon Malik Riaz, in connection with a money laundering investigation.
According to NAB’s petition, a reference under Section 8 of the Anti-Money Laundering Act is pending against Malik Riaz and several other accused individuals. The accountability watchdog stated that strong evidence of money laundering had been found during the ongoing probe.
Mall Linked To Front Companies
The NAB application, filed on March 27, revealed that the Mall of Islamabad, valued at about Rs385 million, was purchased through front companies associated with Malik Riaz. The property is located at Plot No. 65N, Sector F-7/1, Blue Area—one of Islamabad’s prime commercial zones.
According to investigators, the mall was initially purchased in 2014 by Ayaz Khan and Waqar Riffat. The petition further stated that Wiki Trading Company, one of the entities involved in the purchase, is owned by Malik Riaz’s brother Farhat Hussain and nephew Wasim Riffat.
NAB argued that these connections clearly linked the Mall of Islamabad to Malik Riaz’s business network and pointed to possible illegal financial transactions behind its acquisition.
Pending Trial And Arrest Warrants
The bureau informed the court that the money laundering reference is already under trial. The latest seizure request was made after new evidence confirmed the property’s connection to unlawful financial dealings.
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The Accountability Court has also issued arrest warrants multiple times for nine accused, including Malik Riaz and his sons, in the same case.
The court’s decision to allow the seizure marks a major step in NAB’s investigation into money laundering and corruption allegations against one of Pakistan’s most well-known real estate magnates.
