KARACHI: An accountability court in Karachi has ordered the seizure of the Mall of Islamabad, owned by Bahria Town chairman Malik Riaz, as part of an ongoing money laundering investigation.
This decision represents a significant step in one of Pakistan’s most high-profile corruption cases. Court records show that the National Accountability Bureau (NAB) filed a request for the seizure on March 27, claiming that the property, located at Plot 65-N, Blue Area, F-7/1, Islamabad, was purchased using illicit funds linked to shell companies associated with Malik Riaz.
NAB informed the court that a money laundering case is already in progress, and new evidence has emerged confirming the mall’s involvement in illegal financial activities. The court approved the seizure request under Section 8 of the Anti-Money Laundering Act, granting NAB control over the commercial property.
The investigation identifies Malik Riaz, his sons, and several associates as accused, with arrest warrants issued on multiple occasions. According to NAB, the mall, valued at Rs. 385 million, was initially bought in 2014 by Ayaz Khan and Waqar Riffat, alleged to be acting as proxies for Malik Riaz’s business network. Additionally, Wiki Trading Company, a company involved in the deal, is reportedly owned by Malik Riaz’s brother, Farhat Hussain, and nephew, Wasim Riffat.
This seizure order adds to the mounting legal challenges faced by Malik Riaz, who has long been under investigation for land irregularities, offshore holdings, and financial mismanagement.
The Mall of Islamabad, a high-end development with retail, office spaces, and residential units, is one of Bahria Town’s flagship projects.
