Malik Riaz, the prominent real estate tycoon and founder of Bahria Town, is at the center of several corruption cases pursued by the National Accountability Bureau (NAB). These investigations, primarily initiated during the PTI government, focus on allegations of land grabbing, financial mismanagement, and the misuse of influence, all of which are believed to have severely impacted Pakistan’s finances.
A total of eight references have been filed against Riaz and his family, accusing them of engaging in fraudulent activities, including fake bank accounts and illegal land acquisitions. These cases were aggressively pursued during the PTI era but have now stalled following recent amendments to NAB laws by the current government.
Key Cases Against Malik Riaz:
- Icon Tower Karachi Case
Riaz is accused of illegally occupying land belonging to Bagh Ibn Qasim for the construction of the Icon Tower in Karachi. This case, filed during the PTI government, has been caught in a legal gridlock due to changes in NAB’s procedural laws, with the matter continuously shifting between courts and NAB. - Malir Development Authority Land Case
Bahria Town was expected to pay Rs460 billion for land acquired from the Malir Development Authority but has yet to fulfill this payment. - £190 Million Scandal
Riaz is also a proclaimed offender in the high-profile £190 million scandal, which involves allegations of funds being laundered from the UK to Pakistan. This case remains under investigation, with major concerns over the legality of the financial transfers. - New Murree Project and Takht Pari Cases
Investigations and raids have been conducted in relation to the New Murree Project and Takht Pari, but no formal charges have been filed, leaving the outcomes of these matters uncertain.
Meanwhile, Zain Malik, Riaz’s son-in-law, has reached a plea bargain with NAB, agreeing to pay Rs9 billion to settle one of the cases. However, questions have been raised about the effectiveness of this settlement.
The progress of these cases has significantly slowed after amendments to NAB’s laws, which critics argue have weakened accountability measures, allowing powerful individuals to avoid justice. For example, the Icon Tower case has become a “shuttlecock,” bouncing between courts and NAB with no resolution in sight.
Government’s Stance on Accountability:
Defence Minister Khawaja Asif has vowed that the state will not relent in its efforts to hold Malik Riaz accountable. Speaking at a press conference, Asif declared that no individual, regardless of their influence, would be spared from accountability. “The state has finally laid hands on Malik Riaz. There will be no relief. Accountability is inevitable,” Asif stated, calling for a comprehensive national investigation into Riaz’s assets and financial dealings.
He questioned how public funds ended up in Riaz’s accounts and addressed the controversial transfer of £190 million, which he revealed Riaz had contacted him about. Asif maintained that everything was handled according to the law, despite Riaz’s attempts to intervene.
Asif accused Riaz of using his power and greed to manipulate all of Bahria Town’s projects, causing damage to the state and the people of Pakistan. He also warned that no court or political force would offer relief to Riaz.
International Dimensions:
Asif further addressed the inquiry by the British National Crime Agency (NCA) into Riaz’s financial dealings with Hassan Nawaz, particularly involving the luxurious One Hyde Park property in London. He emphasized the importance of transparency and accountability at the highest levels of government.
Confirming that Pakistan has an extradition treaty with the UAE, Asif reassured the public that the government plans to bring back individuals accused of corruption through legal state-to-state cooperation. “No mafia can establish a parallel state,” he said, urging citizens to avoid investing in businesses linked to Malik Riaz due to potential risks.
Final Remarks:
Asif also praised the media’s role in uncovering corruption but criticized those protesting the Prevention of Electronic Crimes Act (PECA). “They should first look into their own dealings before challenging the state,” he added, reaffirming the government’s commitment to combatting corruption and promoting transparency.
