Who is Malik Riaz?
Malik Riaz Hussain is the founder and chairman of Bahai Town, one of Pakistan’s largest private real state development firms. Over the years, he has developed high-end housing communities across the country and has built a reputation as a influential figure in Pakistan business and philanthropic circles.
Why Was His Property Seized or Sold?
Its appear that you’re referring to the action taken by Pakistan’s anti-corruption watchdog, the National Accountability Bureau (NAB) which have resulted in many of Malik Riaz properties being sealed, frozen, and some even put for auction.
- NAB has sealed numerous Bahria Town properties across major cities Karachi, Lahore, Rawalpindi ( Takh pri) New Murree and Islamabad amid investigation into fraud and deception including allegations of illegally occupying state and private land without required permission and NOCs.
- The bureau accused Riaz and his associates of using these lands to develop housing societies without legal entitlement defrauding the public of significant sums.
- Over 457 properties including Bahria Town assets in DHA Rawalpindi, Islamabad, and those belonging to family members were subject to freezing orders under NAB’s directives.
- Court Ruling and Auction Notices: An accountability court declared Malik Riaz an absconder, prompting Pakistan to seek his extradition from the UAE.
- Additionally, Riaz longstanding case with the UK’s National agency (NCA) In which he settled by giving up 190 million pounds and a valuable London property without a finding of guilt further complicates his legal position in Pakistan.
Updates:https://www.arabnews.com/node/2610775/pakistan
Malik Riaz property was not voluntarily “sold” in the traditional sense; rather, Its being seized or auctioned by Pakistan legal authorities as part of anti-corruption and land misuse investigations. The legal process reflects broader effort to hold him accountable and recover assets considered improperly acquired or used.
- Rubaish Marquee, Islamabad Successfully auctioned for Rs 508 million, which was Rs 20 million above its reserve price.
- Corporate Office-I (Plot No. 7-D Phase II, Bahria Town Rawalpindi) Received conditional offers of Rs 876 million Final approval is pending.
- Corporate office-II (Plot No. 7-E, Phase II Bahria Town Rawalpindi) Attracted conditional offers of Rs 881.5 million also awaiting approval.
Three additional properties offered in the auction were unsold due to lack of qualifying bids they’ll be re-auctioned at a later date.
Today auction included the successful sale of Rubaish Marquee and the conditional bidding for both Corporate Office-l (7-D) and Corporate office (7-E) in Bahria Town Phase ll Rawalpindi .