KARACHI – Ali Riaz Malik, the son of property tycoon and CEO of Bahria Town comes under investigation after an arrest warrant was issued in a shop possession case.
A judicial magistrate in the port city issued bailable arrest warrant for Ali Malik, in a case involving non-delivery of possession of shops in one of the company’s key projects.
Ikramullah Khan filed the case against Mr Malik after booking three shops in Bahria Heights Tower I for a total of around Rs2 crores. The complainant said payment for the shops was agreed to be made in installments, with possession to be handed over once the full amount was paid. However, the lawyer claims Bahria Town failed to provide possession from last five years.
The plaintiff said the entire project was being handed over to Shahnawaz Ayaz Durrani, a claim that raises concerns of property misappropriation and criminal breach of trust. Based on this information, the court took cognizance of the complaint and issued arrest warrants for both BTK CEO Ali Riaz Malik and Mr Ayaz Durrani.
The judicial megistrate also ordered them to appear before court on next hearing, directing both individuals to provide a bond of Rs 50,000 to ensure their presence.
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