Islamabad, The Accountability Court in Karachi has granted the National Accountability Bureau (NAB) permission to temporarily freeze the major commercial project “Mall of Islamabad” as part of an ongoing money laundering case against Bahria Town Chairman Malik Riaz and his close associates.
The order was issued by the court’s administrative judge upon the application of NAB’s investigating officer and prosecutor Syed Manzoor Ali Shah, filed under Sections 8 and 9 of the Anti-Money Laundering Act, 2010. The request pertains to Reference No. 01/2025 titled State vs. Malik Riaz & Others, which is already under trial in the court.
According to NAB, the “Mall of Islamabad” is located at Plot No. 56-N, Blue Area, Sector F-7/1, Islamabad, and was allegedly purchased and developed using funds acquired through illegal means. Investigations revealed that the property was previously bought under the name of Vicky Trading (Pvt) Ltd, whose owners include Malik Riaz’s brother Farhat Hussain and nephew Waseem Rafat.
The request disclosed that Vicky Trading, Guide Trading, and other front companies were used to conceal undeclared assets of Bahria Town and facilitate money laundering. Through these companies, properties were purchased across Pakistan and abroad, with their true ownership linked to Bahria Town Private Limited.
NAB submitted several supporting documents to the court, including Suspicious Transaction Reports (STRs) from the Financial Monitoring Unit, previous court orders, and relevant legal precedent (PLD-2016-Sindh-607).
After hearing arguments and reviewing the evidence, the court ruled that at this stage, issuing notices to the concerned parties before seizure was not necessary. The court observed that the property is a key piece of evidence, and if not freezed in time, there is a risk it could be tampered with or hidden, obstructing the course of justice.
Approving NAB’s request, the court directed the investigating officer to continue the probe with honesty, impartiality, and transparency, and to strictly adhere to all applicable provisions of the Anti-Money Laundering Act.
The verdict was announced in open court and is being considered a major breakthrough in this high-profile NAB case.
