The Karachi Accountability Court has granted written 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 money laundering and other charges.
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. The accountability watchdog stated that evidence of money laundering had been uncovered during the ongoing investigation.
Mall of Islamabad linked to front companies
The NAB application, filed on March 27, asserted that the Mall of Islamabad, valued at approximately Rs385 million, was purchased through front companies associated with Malik Riaz.
Investigators said the property, located at Plot No. 65N, Sector F-7/1, Blue Area, was originally purchased in 2014 by Ayaz Khan and Waqar Riffat. The petition added that Wiki Trading Company, one of the entities linked to the purchase, is owned by Malik Riaz’s brother, Farhat Hussain, and nephew, Wasim Riffat.
Pending reference and arrest warrants
NAB informed the court that a money laundering reference is already pending trial, and the latest seizure request was filed after new evidence confirmed that the Mall of Islamabad is connected to illegal financial transactions.
The Accountability Court has previously issued arrest warrants several times for nine accused, including Malik Riaz and his sons, in connection with the same case.
