Islamabad 7 August: The Federal Investigation Agency (FIA) has uncovered what it claims is substantial evidence of a large-scale money laundering operation involving real estate magnate Malik Riaz and his company, Bahria Town, Pakistan’s largest property developer.
In a press conference on Wednesday, Information Minister Attaullah Tarar announced that the FIA’s recent raid on a facility linked to Bahria Town revealed documents implicating the firm and its founder in laundering Rs1.12 billion ($3.9 million) through illicit channels.
According to Tarar, the operation was allegedly orchestrated from the Begum Akhter Rukhsana Memorial Trust Safari Hospital in Rawalpindi, which was purportedly used as a front to conceal cash and sensitive financial records. “The hospital’s ambulances were employed to transport money and documents discreetly, avoiding detection,” Tarar revealed, describing the setup as a deliberate attempt to evade suspicion. He further alleged that during the raid, Bahria Town staff attempted to destroy evidence by burning records, though the FIA managed to recover the majority of the documents.
The minister disclosed that two individuals, identified as Imran and Kaiser, were linked to the operation of a hawala and hundi network, with direct ties to Bahria Town’s Chief Financial Officer, Amir Rasheed, and head, Shahid Qureshi. “These individuals were running a racket under the direction of senior Bahria Town officials,” Tarar stated, adding that the investigation is in its early stages and more illicit transactions are expected to surface. “Billions more may have been sent abroad illegally,” he warned, emphasizing that the FIA has identified the locations of other suspects involved and urged them to surrender.
Tarar assured residents of Bahria Town that the investigation targets only Malik Riaz, his family, and implicated associates, and will not impact the rights of ordinary residents. “This action is solely against those involved in this corruption network,” he clarified.
READ MORE: NAB to Auction Six Bahria Town Properties
In a related development, Bahria Town has filed a petition in the Supreme Court to challenge the National Accountability Bureau’s (NAB) recent order to auction its properties, a move that follows ongoing legal battles with the anti-graft body. The petition argues that the auction order violates provisions of the National Accountability Ordinance, 1999, and accuses NAB of pursuing “baseless and vexatious” proceedings with malicious intent.
On Tuesday, Malik Riaz took to X to address the mounting pressure, calling for dialogue to resolve the disputes. “I make a final appeal from the bottom of my heart for a chance to return to serious negotiations and find a dignified solution,” he posted, pledging to comply fully with any arbitration decision, including any required payments. Neither Riaz nor Bahria Town has issued a direct response to the government’s latest allegations.
The FIA has indicated that a forensic audit of the recovered records is underway, with further revelations expected in the coming days. The case marks a significant escalation in the government’s crackdown on financial misconduct, with authorities vowing to hold those responsible accountable for undermining Pakistan’s economy.
