Islamabad 7 August: The National Accountability Bureau (NAB) has initiated a high-profile auction of several prime properties owned by real estate tycoon Malik Riaz, marking a significant escalation in efforts to recover defaulted funds.
The move follows an earlier decision this week by the Islamabad High Court (IHC), which cleared the way for NAB to proceed with the sale of Bahria Town assets, dismissing petitions from the company to halt the process.
Reports indicate that Bahria Town Corporate Office II, located at Plot No. 7-D, Park Road, Phase II, Rawalpindi, fetched Rs880.6 million, while Rubaish Marquee & Lawn, situated near Bahria Garden City Golf Course in Islamabad, was sold for Rs508.3 million.
The sales have already generated over Rs1.3 billion, with expectations that the total could climb higher as additional properties, including other commercial and recreational assets, are auctioned throughout the day.
The auction, currently underway at NAB’s Rawalpindi office, involves multiple high-value properties linked to a plea bargain agreement tied to the £190 million Al-Qadir Trust case, where Malik Riaz has been declared an absconder.
Amid the proceedings, Information Minister Attaullah Tarar recently alleged that the Federal Investigation Agency (FIA) uncovered “irrefutable proof” of a major money laundering operation involving Bahria Town, with documents revealing the illegal transfer of Rs1.12 billion abroad through channels like hundi and hawala.
READ MORE: Malik Riaz Shuts Down All Bahria Town Operations Across Pakistan
The minister claimed Safari Hospital in Rawalpindi served as a front for these activities, with attempts to burn records during a raid thwarted by authorities.
NAB officials anticipate all listed properties will be sold by the end of the day, though the process has sparked controversy. Bahria Town has challenged the auction’s legality, filing an appeal with the Supreme Court, arguing that NAB lacks authority under the National Accountability Ordinance, 1999, to sell the assets.
The company also warns of potential operational collapse, citing frozen bank accounts, seized vehicles, and staff detentions that have paralyzed its activities nationwide. Meanwhile, the public remains divided, with some viewing the auction as a blow to corruption, while others question the transparency and motives behind the crackdown.
