Latest news with #MalikRiazHussain
India.com
18 hours ago
- Business
- India.com
Built empire worth billions from borrowed Rs 1500, man who sent ex Pakistan PM Imran Khan to jail is now on the run due to..., his name is...
New Delhi: Pakistan is a country that never fails to amaze, amuse, and shock, whether it is the politics of the country, sports, economy, army, or civil society. The latest news is about one of the most influential and rich builders of Pakistan, Malik Riaz Hussain, who is reported to have had access to the power corridors. Malik Riaz Hussain had been active in the country's affairs for a long time. It is alleged that it is because of him that former Prime Minister Imran Khan was jailed. Now, he is in the clutches of the law. Who is Malik Riaz Hussain, and why is he in the news? Malik Riaz Hussain, as mentioned above, is one of the most influential and rich builders of Pakistan with access to the power corridors of the country. Now, he is in the clutches of the law. His Bahria Township is considered the pride of Pakistan, but now his properties are being auctioned. Pakistan's National Accountability Bureau (NAB) has auctioned three properties of Malik to recover the lost money. The story of Malik Riaz Hussain is no less than a fairy tale. Malik was considered the most powerful and influential person in Pakistan for years. He not only had access to big leaders but also had close relations in the army and media. Due to these relations, he often escaped difficulties. But this time, it seems that luck has left him. What is the story behind the loan of 1500 rupees? Malik's story started about 40 years ago as a contractor. At that time, his family did not have enough money to treat their newborn daughter. For this, the family had to sell their silver utensils. But after that, in 1979, Malik borrowed 1500 rupees from his friend and applied for a contract in the engineering wing of the army. After this, Malik's luck shone so much that he reached the list of the richest people of Pakistan. How did he become an outlaw? Malik spent lots of money on army officers and politicians. In return, he started getting big contracts, thereby earning a lot of status and money and getting close to politicians, judges and military officers. He used to say openly that he had bribed not only politicians but also judges and ISI officers. He developed Pakistan's first gated colony, named Bahria Town. He also got huge replicas of the Eiffel Tower and the Statue of Liberty installed on the hill of the colony. When the noose started tightening in Pakistan, he fled to the UAE. What is the secret of 190 million pounds? The root of this story is linked to a big settlement deal of 190 million pounds (about 2200 crore Indian rupees). In 2019, Britain's National Crime Agency (NCA) claimed that Malik Riaz agreed to pay 190 million pounds as a settlement of the ongoing investigation in the UK. It was alleged that this money was obtained from the proceeds of crime. Later, under an agreement, it was decided that this amount would be given to the Pakistani government. How did Imran Khan end up in jail because of Riaz? The real game started from here. Allegations were made that instead of depositing this money in the government treasury, the government of the then Prime Minister Imran Khan used it to pay the fine imposed on Malik Riaz for illegal land acquisition in Karachi. Now, Al-Qadir Trust comes into the scene. Former Prime Minister Imran Khan and his wife were accused of taking a bribe from Malik Riaz. It was said that with the help of this money, Imran Khan took land from Malik Riaz and used it for his trust. In this case, Imran Khan was also sentenced to 14 years in January 2025.
Arab News
2 days ago
- Business
- Arab News
Pakistan top court declines real estate giant's plea seeking to stay auction of properties
KARACHI: Pakistan's top court on Friday turned down a plea by real estate giant, Bahria Town, that sought to stay auction of its commercial properties in an ongoing graft case that has caught widespread public attention. The development came a day after Pakistan's National Accountability Bureau (NAB) said it had auctioned three out of six properties, owned by Bahria Town and its founder Malik Riaz Hussain, saying the move was part of its efforts to recover 'defrauded funds' from a court-approved plea bargain tied to a £190 million settlement with Britain's National Crime Agency (NCA). The auction was held after the Islamabad High Court (IHC) this week dismissed a petition by the firm against the planned auction of its properties by the anti-corruption watchdog. The six properties up for auction include one in Islamabad and five in Rawalpindi. NAB said the sale aims to recover unpaid amounts from the settlement deal involving Hussain, the founder of Bahria Town who has spoken publicly for months about being pressured due to 'political motives' and facing financial losses as NAB opens cases against his property development projects across Pakistan. 'The decision on the stay order will not be one-sided. We will decide after hearing the other side,' Justice Aminuddin Khan, who headed a three-member Supreme Court bench, said during a hearing in Islamabad on Friday. The six properties are among a total of eight real estate assets that Hussain previously handed over to NAB after entering a plea bargain with the watchdog. 'Now the accused says the plea bargain was not voluntary but made under pressure,' Justice Naeem Akhtar Afghan noted, saying the real estate giant had filed a miscellaneous application, but its main appeals had not been fixed for hearing. In the past, Hussain also requested the NAB chairman to cancel the plea bargain. 'After the application to cancel the plea bargain, the case has returned to its initial stage,' Justice Afghan said, adding the properties will be confiscated once the accused is convicted. Farooq H Naik, the counsel representing Bahria Town, said the company's request to cancel the plea bargain arrangement and the NAB reference had both been pending before courts. Of the six Bahria Town properties up for auction, one in Islamabad and two in Rawalpindi were sold, while three remained unsold due to a lack of qualifying bids, according to NAB. Rubaish Marquee in Islamabad fetched Rs508 million ($1.78 million), Rs20 million above its reserve price. Conditional offers of Rs876 million and Rs881.5 million were received for two corporate offices in Rawalpindi. 'NAB remains committed to transparent recovery of public funds and strict enforcement of accountability laws,' the bureau said in a statement. The sales are part of a widening crackdown on Hussain, once regarded as Pakistan's most influential businessman for his real estate ventures and connections with political, media and military elites. In recent months, Information Minister Attaullah Tarar has accused Hussain and Bahria Town of involvement in laundering billions of rupees, allegations they have yet to address publicly. Hussain has previously said he is facing politically motivated pressure and financial losses due to multiple NAB cases. The controversy is closely linked to the Al-Qadir Trust case, in which former prime minister Imran Khan and his wife were accused of receiving land from Hussain in exchange for favors. Khan, who denies wrongdoing, was sentenced in January to 14 years in prison over the case. The UK's NCA said in 2019 that Hussain had agreed to hand over £190 million to settle a civil investigation into whether the funds were the proceeds of crime. The assets were to be returned to Pakistan, but prosecutors say Khan's government used the money to pay fines imposed on Hussain for illegal land acquisitions in Karachi. Hussain, who has not appeared before NAB despite multiple summons, denies the allegations and says his property empire is on the brink of collapse. In a statement on social media platform X on Tuesday, he said Bahria Town's bank accounts had been frozen, vehicles seized, and dozens of employees detained, forcing operations to a near standstill. Earlier this year, NAB warned the public against investing in Hussain's new real estate venture to build luxury apartments in Dubai.
Arab News
3 days ago
- Business
- Arab News
Pakistan's anti-graft body auctions three properties owned by top real estate firm
KARACHI: Pakistan's national anti-graft body said it auctioned three properties owned by top real estate firm Bahria Town and its founder Malik Riaz Hussain on Thursday, saying the move was part of its efforts to recover 'defrauded funds' from a court-approved plea bargain. The auction was held a day after the Islamabad High Court dismissed a petition by the firm against the planned auction of its properties by the National Accountability Bureau (NAB). The six properties up for auction include one in Islamabad and five in Rawalpindi. NAB said the sale aims to recover unpaid amounts from a settlement deal linked to the £190 million case involving Hussain, the founder of Bahria Town. Hussain has spoken publicly for months about being pressured due to 'political motives' and facing financial losses as NAB opens cases against his property development projects across Pakistan. Farooq H. Naik, Bahria Town's counsel, told Arab News on Wednesday the firm plans to challenge the high court's decision in the Supreme Court. 'NAB Islamabad/Rawalpindi today conducted a public action of six commercial properties linked to Malik Riaz/Bahria Town, in efforts to recover defrauded funds from a court-approved plea bargain of 2019,' NAB said in a press release. The anti-graft body said three out of the six properties remained unsold due to a lack of qualifying bids, adding that a re-auction for them will be announced 'soon.' Listing the details of the properties that were auctioned, NAB said Rubaish Marquee in Islamabad was successfully auctioned for Rs508 million [$1.78 million], which it said was Rs20 million [$70,000] higher than the reserved price. It said the payment and transfer process for the property is underway. Meanwhile, Bahria Town's Corporate Office-I received conditional offers of Rs876 million [$3.07 million], disclosing that its final approval is pending from NAB's competent authority. The third property, named Corporate Office-II, received conditional offers of Rs881.5 million [$3.09 million]. The anti-graft body said its final approval is pending from NAB. 'NAB remains committed to transparent recovery of public funds and strict enforcement of accountability laws,' it added. AL-QADIR TRUST Pakistan's government has launched a high-profile crackdown against Hussain in recent months. On Wednesday, Information Minister Attaullah Tarar said the Federal Investigation Agency (FIA) had uncovered evidence of Hussain's and Bahria Town's involvement in money laundering of billions of rupees. Hussain and Bahria Town have so far not responded to the allegations. While Hussain has not explicitly named who was pressuring him or why, media and analysts widely speculate the crackdown relates to the Al-Qadir Trust case, which involves accusations former prime minister Imran Khan and his wife, during his premiership from 2018-2022, were given land by Hussain as a bribe in exchange for illegal favors. In January, a court sentenced Khan to 14 years imprisonment in the Al-Qadir Trust case. In 2019, Britain's National Crime Agency (NCA) said Hussain had agreed to hand over £190 million held in Britain to settle a UK investigation into whether the money was from the proceeds of crime. The agency said the assets would be passed to the government of Pakistan and the settlement with Hussain was 'a civil matter, and does not represent a finding of guilt.' The case made against Hussain and ex-PM Khan was that instead of putting the tycoon's settlement money in Pakistan's treasury, Khan's government used the money to pay fines levied by a court against Hussain for illegal acquisition of government lands at below-market value for development in Karachi. Hussain, who hasn't appeared before an anti-graft agency to submit his reply to the summons issued to him, has denied any wrongdoing. Khan and his wife have also pleaded innocence. The latest development marks another escalation in the legal troubles facing Hussain, widely regarded for years as Pakistan's most influential businessman, known for close ties with political, media and military elites. On Tuesday, Hussain said in a statement on social media platform X his property empire was on the brink of collapse due to what he termed a politically motivated crackdown. He claimed Bahria Town's bank accounts had been frozen, vehicles seized and dozens of employees arrested, forcing a near shutdown of operations. Earlier this year in January, NAB put out a public notice cautioning people against investing in Hussain's new real estate venture to build luxury apartments in Dubai.
Arab News
4 days ago
- Business
- Arab News
Pakistan says evidence of money laundering by top real estate firm, founder found by FIA
ISLAMABAD: Pakistan's Information Minister Attaullah Tarar announced on Wednesday that the Federal Investigation Agency (FIA) has collected evidence of money laundering, amounting to billions of rupees, by the country's top real estate firm Bahria Town and its founder Malik Riaz Hussain. The development takes place amid a high-profile crackdown against Bahria Town. The National Accountability Bureau (NAB), Pakistan's anti-graft body, had earlier announced auctioning six Bahria Town properties in August. NAB said the sale aims to recover unpaid amounts from a settlement deal linked to the £190 million case involving Hussain. Hussain has spoken publicly for months about being pressured due to 'political motives' and facing financial losses. In a televised message on Wednesday, Tarar said the FIA had conducted a raid on Tuesday at the Begum Akhter Rukhsana Memorial Trust Safari Hospital, during which it recovered evidence of Bahria Town's money laundering involving Rs1.12 billion [$3.9 million]. He said Bahria Town staff members at the hospital attempted to destroy the documents when the raid was conducted, and that though some records were lost, the majority of the evidence was successfully recovered. 'The action that has been taken, this setup that they [Bahria Town] were running in the hospital, is clear proof that billions of rupees were being transferred out of the country through illegal means to damage its economy,' Tarar said. He said this amount was not sent abroad via official or banking channels, rather through hundi-hawala networks. The minister alleged that the Safari Hospital was being used as a 'front' to conceal cash and official records from authorities. Tarar alleged that a man named Khalil, who oversaw Bahria Town's operations, is currently in custody. Similarly, the minister said individuals named Imran and Qaiser were found to be operating a hundi-hawala network, with connections to Bahria Town's chief financial officer and director of finance. The information minister said the hospital's ambulance was employed to transport documents and money. He said the FIA is investigating the case, saying that the locations of several individuals who have absconded have already been identified. He urged those suspects to present themselves before the law, noting that comprehensive evidence has been collected against them. Tarar assured the residents of Bahria Town that their rights will remain protected during the course of the investigation. 'This action over money laundering is against Malik Riaz and his officials and his family members who are involved in this,' he said. Riaz or Bahria Town has so far not responded to the allegations. HUSSAIN, AL-QADIR TRUST CASE While Hussain has not explicitly named who was pressuring him or why, media and analysts widely speculate the crackdown relates to the Al-Qadir Trust case, which involves accusations former prime minister Imran Khan and his wife, during his premiership from 2018-2022, were given land by Hussain as a bribe in exchange for illegal favors. In January, a court sentenced Khan to 14 years imprisonment in the Al-Qadir Trust case. In 2019, Britain's National Crime Agency (NCA) said Hussain had agreed to hand over £190 million held in Britain to settle a UK investigation into whether the money was from the proceeds of crime. The agency said the assets would be passed to the government of Pakistan and the settlement with Hussain was 'a civil matter, and does not represent a finding of guilt.' The case made against Hussain and ex-PM Khan was that instead of putting the tycoon's settlement money in Pakistan's treasury, Khan's government used the money to pay fines levied by a court against Hussain for illegal acquisition of government lands at below-market value for development in Karachi. Hussain, who hasn't appeared before an anti-graft agency to submit his reply to summons issued to him, has denied any wrongdoing. Khan and his wife have also pleaded innocence. The latest development marks another escalation in the legal troubles facing Hussain, widely regarded for years as Pakistan's most influential businessman, known for close ties with political, media and military elites. On Tuesday, Hussain said in a statement on social media platform X his property empire was on the brink of collapse due to what he termed a politically motivated crackdown. He claimed Bahria Town's bank accounts had been frozen, vehicles seized and dozens of employees arrested, forcing a near shutdown of operations. 'The situation has reached a point where we are being forced to completely shut down all Bahria Town activities across Pakistan,' Hussain said. 'We apologize to the residents and stakeholders of Bahria Town.' Earlier this year in January, NAB put out a public notice cautioning people against investing in Hussain's new real estate venture to build luxury apartments in Dubai.
Arab News
4 days ago
- Business
- Arab News
Pakistan's top real estate firm to contest court ruling as anti-graft body plans property auction
KARACHI: Pakistan's leading real estate company will challenge a court ruling clearing the way for the auction of six of its properties, its lawyer said on Wednesday, as the country's anti-graft body pushes ahead with a high-profile crackdown involving one of the nation's most powerful business tycoons. The Islamabad High Court dismissed a petition by Bahria Town a day earlier against the planned auction of its properties by the National Accountability Bureau (NAB). Shortly after the court issued its short order, NAB announced the auction would proceed as planned on August 7 at its Islamabad office. 'We are going to challenge the decision in the Supreme Court today,' Farooq H. Naik, counsel for Bahria Town, told Arab News. The six properties up for auction include one in Islamabad and five in Rawalpindi. NAB said the sale aims to recover unpaid amounts from a settlement deal linked to the £190 million case involving Malik Riaz Hussain, the founder of Bahria Town. Hussain has spoken publicly for months about being pressured due to 'political motives' and facing financial losses as NAB opens cases against his property development projects across Pakistan. While he has not explicitly named who was pressuring him or why, media and analysts widely speculate the crackdown relates to the Al-Qadir Trust case, which involves accusations Khan and his wife, during his premiership from 2018-2022, were given land by Hussain as a bribe in exchange for illegal favors. In January, a court sentenced Khan to 14 years imprisonment in the Al-Qadir Trust case. In 2019, Britain's National Crime Agency (NCA) said Hussain had agreed to hand over £190 million held in Britain to settle a UK investigation into whether the money was from the proceeds of crime. The agency said the assets would be passed to the government of Pakistan and the settlement with Hussain was 'a civil matter, and does not represent a finding of guilt.' The case made against Hussain and ex-PM Khan was that instead of putting the tycoon's settlement money in Pakistan's treasury, Khan's government used the money to pay fines levied by a court against Hussain for illegal acquisition of government lands at below-market value for development in Karachi. Hussain, who hasn't appeared before an anti-graft agency to submit his reply to summons issued to him, has denied any wrongdoing. Khan and his wife have also pleaded innocence. During Tuesday's court proceedings, according to Dawn newspaper, Naik argued the auction notice was 'illegal, deceptive and issued with mala fide intent,' saying Bahria Town was neither part of any plea bargain nor named as an accused in any reference relating to the UK-originated case. He warned the move could severely damage investor confidence in Pakistan's real estate sector. However, NAB prosecutor Rafay Maqsood told the court Bahria Town's legal team had previously lost a similar case in a lower court before approaching the high court, which granted a temporary stay on June 12, the day the auction was originally scheduled. NAB later moved to have the stay vacated. The development marks another escalation in the legal troubles facing Hussain, widely regarded for years as Pakistan's most influential businessman, known for close ties with political, media and military elites. On Tuesday, Hussain said in a statement on social media platform X his property empire was on the brink of collapse due to what he termed a politically motivated crackdown. He claimed Bahria Town's bank accounts had been frozen, vehicles seized and dozens of employees arrested, forcing a near shutdown of operations. 'The situation has reached a point where we are being forced to completely shut down all Bahria Town activities across Pakistan,' Hussain said. 'We apologize to the residents and stakeholders of Bahria Town.' Earlier this year in January, NAB put out a public notice cautioning people against investing in Hussain's new real estate venture to build luxury apartments in Dubai: 'If the general public at large invests in the stated project, their actions would be tantamount to money laundering, for which they may face criminal and legal proceedings.' In his X post on Tuesday, Hussain appealed to state institutions to adopt a more conciliatory approach. 'I make a final appeal from the bottom of my heart for a chance to return to serious dialogue and a dignified resolution. For this purpose, we assure you of our full participation in any arbitration process and our commitment to implementing its decision 100 percent. I also assure you that if the arbitration decision requires payment of money from our side, we will ensure its payment.' Bahria Town, founded in the late 1990s, is one of Pakistan's largest private employers and a major developer of luxury housing schemes across the country. Over the years, the company has been the subject of multiple investigations over illegal land acquisitions and unauthorized development but has continued to operate.
