Islamabad, Jan 29: The National Accountability Bureau (NAB) has formally requested the United Arab Emirates (UAE) to extradite property mogul Malik Riaz and his son, Ali Malik, under international anti-money laundering frameworks and the Vienna Convention. This move comes as NAB seeks to hold the father-son duo accountable for allegations of corruption tied to their involvement in Bahria Town.
Contrary to claims made by Malik Riaz’s legal team, NAB has clarified that the UK’s Royal Court of Justice ruling in the Al Qadir Trust case does not absolve the Maliks of corruption charges. According to UK law, both individuals are accused of financial misconduct and corruption, particularly concerning their dealings in Bahria Town, one of Pakistan’s largest real estate ventures.
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The UK Home Office had previously revoked their visas following a review of the 2019 National Crime Agency settlement, Supreme Court rulings in Bahria Town-related cases, and a Joint Investigation Team (JIT) report detailing illicit financial transactions.
In a recent statement, NAB reaffirmed its decision to pursue Riaz’s extradition and urged investors to distance themselves from his UAE-based enterprise, Bahria Town Dubai. This is not the first time the property tycoon’s activities have sparked legal controversy.
Launched in 2018, Riaz’s ambitious $20 billion real estate project in Dubai has raised questions about his intentions, especially as he is suspected of living there to avoid facing legal proceedings in Pakistan.
As investigations continue, NAB’s efforts to extradite Malik Riaz highlight the ongoing battle against corruption in Pakistan’s real estate sector and its global ramifications.
