ISLAMABAD, Jan 29 (Alliance News): The National Accountability Bureau (NAB) has initiated proceedings to extradite property tycoon Malik Riaz and his son, Ali Malik, from the United Arab Emirates.
NAB officials have formally approached Emirati authorities for their deportation under international anti-money laundering laws and the Vienna Convention.
According to sources, Malik Riaz’s extradition is being pursued amid allegations of financial mismanagement linked to Bahria Town.
Officials denied PTI’s claim that British authorities did not accuse him of corruption in a £190 million case.
Citing a 2021 UK Royal Court of Justice decision, sources stated that British authorities concluded Malik Riaz and his family were involved in corruption and mismanagement within Bahria Town, which is considered Asia’s largest real estate development company.
Reports indicate that the UK Home Office canceled the visas of Malik Riaz and his son after reviewing investigations by the National Crime Agency (NCA), Bahria Town-related Supreme Court decisions, and a NAB reference filed in April 2019.
NAB had earlier warned the public against investing in Bahria Town Dubai and reaffirmed its commitment to bringing the property tycoon back to Pakistan.
In 2018, Malik Riaz signed a $20 billion real estate agreement with Dubai Group in the UAE, further complicating legal proceedings against him.