Malik Riaz, a well-known Pakistani business tycoon is the owner of Bahria Town. Riaz is prominent among masses due to his excessive buying power. He even distributes fabulous gifts like luxurious mansions among politicians and several journalists too. But this business tycoon has always been in news due to several controversies. He is even subject to many corruption investigations.
Malik Riaz’s Business:
Malik Riaz’s business empire is ambitiously diversified and is well-known among masses as Bahria Town Group. But according to an ordered trial by the Supreme Court Riaz was not allowed to make use of the word “Bahria” for its residential communities.
There are several projects related to Bahria Town which are spread across Lahore, Karachi, and even Islamabad. The one which is being operated in Karachi is, for now, the largest one in Asia. Even this is possessed by Riaz. But there are many individuals who are against this business tycoon. They even call him a fraud and a living scammer.
Malik, being the Chairman Bahria is mostly in news. This is because he is subject to several allegations. Many people say that Riaz gets his work done by paying others a huge sum of money. Even Bahria Town’s construction has been done on land which is not obtained through lawful ways.
Malik Riaz was alerted by the Pakistani authorities to the wellspring of his earnings and money expenditure. After this, an investigation started by the “UK’s National Crime Agency (NCA)”. UK’s high court then froze an amount of £20M. This was done in the year 2018. But in the year 2019, this amount increased to £140M which was held by the UK authorities. But these entire court orders were not in favor of cash and even assets.
But later in the year 2019, there was a civil agreement. This was between Riaz and NCA. This agreement included handling of over “£140M in cash, and the Grade II listed house 1 Hyde Park Place, valued at £50million”. A statement was also released by the NCA which stated that “multimillion-pound” settlement did “not represent a finding of guilt”. This meant that all the £190M of money and even the assets will be given back to the authorities of Pakistan.