NAB just raided Bahria Town’s office. Already on the brink of default, is Malik Riaz’s house of cards about to come tumbling down? 

Days after Bahria Town founder Malik Riaz made cryptic tweets about not bowing to political pressure, the National Accountability Bureau has raided the offices of Bahria Town in Rawalpindi. 

While NAB officials did not make a statement, seemingly wanting to keep the raid under wraps, there was confirmation from within the bureau of what had transpired. The raid was made to find documents and evidence related to the Al Qadir Trust case, in which Malik Riaz along with his son Ali Riaz Malik, are involved along with former prime minister Imran Khan and his wife Bushra Bibi. 

The raid comes at an hour of great peril for Bahria Town, when the real estate development company is facing major losses in business, failing to attract new investors, and possibly even staring down the threat of default. New Bahria Town plots that were once fetching over Rs 1 crore per kanal are now failing to find buyers at Rs 60-70 lakhs. All this while the Supreme Court wants the company to pay Rs 460 billion in fines for its illegal acquisition of land to build Bahria Town Karachi. 

With the involvement of its founder in a highly politicised case and fast-changing business realities, is this the end of the road for Malik Riaz and Bahria Town? Profit uses exclusive information to detail the teetering foundations of the once mighty Bahria Town.

 

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Abdullah Niazi
Abdullah Niazi
Abdullah Niazi is senior editor at Profit. He can be reached at [email protected]

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