Real estate tycoon Malik Riaz has been declared wanted by an accountability court in multiple money laundering cases. The decision comes after the business magnate repeatedly failed to appear before the court despite several summons.
According to officials, Malik Riaz and several associates are accused of transferring large sums of money abroad through illegal means. The court directed authorities to begin the process of seizing his properties and freezing his bank accounts.
Investigators claim that the businessman used front companies to move funds outside Pakistan, violating financial regulations. The National Accountability Bureau (NAB) has been conducting inquiries for several months and recently filed progress reports detailing the transactions under question.
The court also issued notices to co-accused individuals linked to Riaz’s business network, asking them to present themselves for investigation. Officials stated that further legal action will follow if they fail to comply.
Malik Riaz, one of Pakistan’s most well-known businessmen, has denied all allegations in past statements. He maintains that his wealth and projects are legitimate and that the cases against him are politically motivated.
Authorities have stepped up efforts to recover the alleged laundered money and ensure accountability under existing anti-corruption laws.
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