ISLAMABAD – Pakistani real estate tycoon Malik Riaz is under intense scrutiny as authorities auctioned off his billion-rupee properties amid ongoing crackdown. This crackdown left residents of his housing scheme Bahria Town anxious, seeking clarity about the security of their homes and investments.
Amid legal proceedings against Bahria Town, the country’s apex anti-graft watchdog National Accountability Bureau (NAB) assured that residents’ assets remain safe.
NAB turned down buzz about risk for residents losing their properties, calling them part of deep conspiracy by some groups seeking to acquire assets at unfairly low prices.
Officials clarified that its action is strictly focused on properties owned directly by Bahria Town and does not extend to homes purchased by individual owners.
National Accountability Bureau (NAB) pledged to fully safeguard rights of Bahria Town residents, urging them to carry on with their daily lives without fear. NAB also mentined pressing ahead with its legal proceedings without yielding to any pressure, saying process will continue until “the looted money is returned” under the court-approved plea bargain mechanism.
Bahria Town Assets Auctioned
NAB auctioned hundreds of kanals of frozen property today in connection with £190 million corruption reference. These properties were said to be of Bahria Town, whose plea to halt the auction was dismissed by the Supreme Court.
The top court ordered submission of references against Malik Riaz, owner of Bahria Town, and the housing society. The judge will hear both parties before making a final decision, with related petitions scheduled for August 13.
Islamabad High Court (IHC) also rejected petitions seeking to stop the auction, allowing NAB to proceed with the sale of Bahria Town assets. The move follows earlier auctions where three out of six commercial properties were sold to recover the outstanding plea bargain amount.
One such property, the Rubaish Marquee, was sold for Rs508 million, surpassing the minimum price by Rs20 million. Additionally, conditional bids of Rs876 million and Rs881.5 million were received for Corporate Office One and Corporate Office Two, respectively, pending final approval.
