ISLAMABAD: The National Accountability Bureau (NAB) has initiated the process to extradite property tycoon Malik Riaz and his son Ali Malik from the UAE, according to a source familiar with the matter.
The extradition is being sought under international anti-money laundering laws and the Vienna Convention, the source in NAB confirmed on Tuesday. The accountability watchdog has formally approached UAE authorities for the extradition of Malik Riaz, despite his perceived influence and untouchability.
A source dismissed the PTI’s claim that Malik Riaz was not accused of corruption by UK authorities in the £190 million case. Referring to a ruling by the UK’s Royal Court of Justice in November 2021, the source clarified that the UK court’s rejection of the appeal noted the UK Home Office’s findings. The Home Office had determined that both Malik Riaz and his son were involved in corruption and financial misconduct, particularly linked to their operations with Bahria Town, Asia’s largest property developer, owned by their family.
The source further stated that the UK Home Office canceled the visas of Malik Riaz and his son after reviewing investigations by the National Crime Agency (NCA), the 2019 settlement with Malik Riaz, Supreme Court judgments on Bahria Town cases, a Joint Investigation Team (JIT) report about Bahria Town’s use of fake accounts, and a NAB reference filed in April 2019 against the company.
Earlier this month, NAB issued a statement confirming its decision to pursue the extradition of Malik Riaz and cautioned the public against investing in his UAE-based venture, Bahria Town Dubai. The project, launched in 2018 through a partnership with the UAE’s Dhabi Group, aims to develop a $20 billion real estate project in Dubai, including residential, commercial, and entertainment facilities. The project’s launch ceremony was held recently in Dubai.
NAB has accused Malik Riaz’s Bahria Town of illegally occupying both public and private land for its housing projects across Pakistan. It is believed that Malik Riaz is currently residing in Dubai to avoid legal action in Pakistan.
Al Qadir Trust ‘Non-Functional’
Meanwhile, PML-N Senator Irfan Siddiqui has stated that Al Qadir Trust has been non-functional since 2020. In a statement, Siddiqui explained that Al Qadir University was registered in December 2019, following a land transfer from Malik Riaz to the university, in the name of Zulfi Bukhari, in April of the same year.
The land was later transferred to the trust, with Malik Riaz donating over Rs 280 million to its bank account. In contrast, PTI’s jailed founder Imran Khan reportedly gave Rs 50,000 in donations. The senator further claimed that in July 2020, Ali Riaz transferred 240 kanals of land in Banigala to Farah Gogi, a close associate of Bushra Bibi, the wife of Imran Khan.
Siddiqui added that the trust’s registration was canceled after NAB’s intervention, and it has remained inactive since.
