Islamabad: Pakistan’s leading anti-graft body announced on Saturday that it has frozen $4.5 million in foreign bank accounts allegedly owned by the chief executive officer of top real estate firm Bahria Town and his wife, accusing the company of laundering crime proceeds abroad.
The National Accountability Bureau (NAB) Karachi has successfully attached two foreign bank accounts belonging to accused Ahmed Ali Riaz and Mubashra Ali Malik, located at Silver Bank in Mauritius, according to an official press release. Ahmed Ali Riaz is Bahria Town founder Malik Riaz Hussain’s son and serves as the company’s chief executive officer, while Mubashra is his wife.
NAB’s Money Laundering Allegations
The bureau’s investigation established that Bahria Town Pvt Ltd. utilized an illicit Hawala/Hundi network within Pakistan to launder crime proceeds out of the country. According to NAB, these funds were initially transferred to the United Arab Emirates and subsequently laundered to Mauritius, where the crime proceeds originating from Pakistan were placed in joint bank accounts.
“These funds were initially transferred to the UAE and subsequently laundered to Mauritius, where the crime proceeds originating from Pakistan were placed in joint bank accounts,” the anti-graft body stated in its official announcement.
NAB confirmed that the frozen accounts contained $4.5 million and were legally frozen as part of an ongoing asset recovery pursuit. The action was taken under the Anti-Money Laundering Act, 2010, after receiving approval from the Accountability Court in Karachi, sources familiar with the matter disclosed.
Legal Proceedings for Fund Repatriation
NAB has initiated legal proceedings through the Foreign Office and is at an “advanced stage” for the forfeiture and repatriation of the funds in accordance with the Anti-Money Laundering Act 2010.
“This action reaffirms NAB’s commitment to pursuing illicit assets across jurisdictions and securing their recovery through international cooperation,” the anti-graft body emphasized in its statement.
The transferred amount was deposited into joint foreign bank accounts, which now collectively hold around $4.5 million, now frozen by authorities.
Background: NAB’s Ongoing Investigation
NAB is investigating Bahria Town founder Malik Riaz Hussain in several cases in which he is accused of money laundering and using state land for private housing societies. Hussain, one of Pakistan’s wealthiest and most influential businessmen, has denied any wrongdoing.
Hussain has said in the past that he is being pressured due to “political motives” and is facing financial losses as NAB pursues cases against his property development projects across Pakistan.
Red Notices and Proclaimed Offender Status
This development comes after NAB Chairman Lieutenant General (retd.) Nazir Butt said in April that Interpol has issued Red Notices for Hussain and his son at the anti-graft body’s request.
Butt vowed that NAB would bring Riaz back from the UAE, where he is currently residing, to face charges of money laundering worth over Rs700 billion ($2.5 billion).
Ahmed Ali Riaz was declared a proclaimed offender in the Al-Qadir Trust corruption case in 2024. The case involves allegations that former Prime Minister Imran Khan and his wife, during Khan’s premiership from 2018 to 2022, were gifted land by Hussain as a bribe for illegal favors. Riaz has denied any wrongdoing in the case.
Previous NAB Actions Against Bahria Town
In March 2025, NAB filed several references against Malik Riaz Ahmed and others in Accountability Courts of Islamabad and Karachi, with courts summoning all the accused. The allegations include illegally occupying government and private land in the name of Bahria Town in Karachi, Takht Pari Rawalpindi, and New Murree, establishing housing societies without permission, and defrauding people of billions of rupees.
In recent actions related to this investigation, numerous commercial and residential properties of Bahria Town in Karachi, Lahore, Takht Pari, New Murree/Golf City, and Islamabad have been sealed, including multi-story commercial buildings. Additionally, hundreds of bank accounts and vehicles of Bahria Town have been frozen, with further actions being carried out rapidly.
NAB has prima facie evidence that certain individuals from Pakistan are criminally aiding Malik Riaz Ahmed in transferring money to Dubai for investment in his projects. The watchdog stated that since there is strong evidence of money laundering against Malik Riaz Ahmed and his associates, funds sent to foreign countries through illegal means will be treated as money laundering, and legal action will be taken against involved elements without discrimination.
Malik Riaz’s Dubai Project Warning
On January 21, NAB warned the public against investing in Bahria Town’s Dubai project and said it was seeking Riaz’s extradition. Malik Riaz Ahmed, currently residing in Dubai as a court absconder in the UK’s National Crime Agency case, has recently launched a new project of construction of luxury apartments there.
NAB informed the public to avoid any attractive inducements from Bahria Town and to protect their hard-earned savings. The anti-corruption watchdog stated it would continue its legal actions against Bahria Town Pakistan without delay or pressure to fully protect citizens’ rights.
Broader Financial Crime Enforcement
This account freeze represents a significant breakthrough in Pakistan’s ongoing money laundering investigation linked to Bahria Town, as reported by 24NewsHD TV on Saturday. According to sources familiar with the matter, the frozen accounts were traced to Mauritius, specifically held at Silver Bank.
The accounts are reportedly in the names of accused Ahmad Ali Riaz and Mubashira Ali Malik, with the transferred amount deposited into joint foreign bank accounts.
This action marks one of the most significant international asset recovery efforts in Pakistan’s recent financial crime enforcement history, demonstrating NAB’s enhanced capacity to pursue illicit assets across multiple jurisdictions through international cooperation mechanisms.