The National Accountability Bureau (NAB) has initiated the process to extradite property tycoon Malik Riaz and his son Ali Malik from the United Arab Emirates (UAE) under international anti-money laundering laws and the Vienna Convention, Dawn reported citing sources familiar with the matter.
According to the news report, NAB has formally reached out to UAE authorities, marking a significant move against the influential businessman who has long been seen as untouchable due to his extensive connections.
A NAB source dismissed claims by the Pakistan Tehreek-e-Insaf (PTI) that UK authorities had not accused Malik Riaz of corruption in the £190 million case. The source cited a November 2021 decision by the UK’s Royal Court of Justice, which upheld the UK Home Office’s conclusion that Riaz and his son were involved in financial misconduct related to Bahria Town, described as the largest property developer in Asia.
Read This: NAB warns against investing in Bahria Town’s Dubai project, pursues Malik Riaz’s extradition
The UK Home Office had previously revoked their visas after reviewing investigations by the National Crime Agency (NCA), Supreme Court rulings on Bahria Town cases, a Joint Investigation Team’s report on money deposited into fake accounts, and a NAB reference filed in 2019.
On January 22, the accountability bureau advised the general public to avoid investing in Bahria Town’s real estate project in Dubai, stating that the Government of Pakistan was engaging with the UAE authorities through legal channels to seek the extradition of Malik Riaz.
“At the moment, Malik Riaz is an absconder in the Al-Qadir Trust case and is wanted by the court. The accountability bureau has already frozen numerous assets of Bahria Town (Pvt.) Ltd. and its owner,” NAB said in a press release.
Launched in 2018 as a joint project with the Dhabi Group, Bahria Town Dubai was planned as a $20 billion development featuring luxury residential and commercial properties. The project’s recent launch ceremony in Dubai coincided with NAB’s move to tighten legal scrutiny on Riaz, who is believed to be residing in the UAE to evade prosecution in Pakistan.
