An accountability court in Karachi on Friday ordered the confiscation of the Mall of Islamabad, a high profile property owned by Bahria Town founder Malik Riaz amid ongoing money laundering investigation.
The National Accountability Bureau (NAB) submitted the seizure request on March 27, alleging that the luxury complex, located at Plot 65-N, Blue Area, F-7/1, Islamabad, was acquired using illicit funds channeled through front companies tied to Malik Riaz. The court approved the request under Section 8 of the Anti-Money Laundering Act, granting NAB legal authority to take control of the asset.
Court filings confirm that the Mall of Islamabad is connected to a pending money laundering reference involving Malik Riaz, his sons, and several close associates. Arrest warrants have reportedly been issued multiple times in connection with the case.
According to NAB, the mall, valued at Rs385 million, was initially purchased in 2014 under the names of Ayaz Khan and Waqar Riffat, believed to be acting as proxies for Riaz’s business interests. The development features upscale retail outlets, office spaces, and residential units, and is considered a flagship Bahria Town project.
Earlier this August, NAB held a public auction of six commercial properties linked to Malik Riaz and Bahria Town as part of recovery efforts from a 2019 plea bargain agreement. One of the assets, Rubaish Marquee in Islamabad, was successfully sold for Rs508 million—exceeding the reserve price by Rs20 million.
Other properties, including two corporate offices in Rawalpindi, received conditional bids of Rs876 million and Rs881.5 million respectively, pending final approval by NAB’s Competent Authority.
