Bahria Town of Malik Riaz | 'Allegation of Money Laundering of Billions of Rupees' | Dawn News

Summary

This script covers Malik Riaz, a prominent figure in Pakistan's real estate sector, and his involvement in multiple legal cases. It highlights his company's alleged money laundering activities, including complex financial transactions involving his subsidiary, Vicky Trading, linked to Bahria Town. The script explains how funds were moved across accounts to evade taxes and launder money. It also touches on other legal controversies surrounding Malik Riaz, including his association with former Prime Minister Imran Khan and an ongoing £190 million corruption case. Despite numerous accusations, Riaz has consistently received legal relief.

Takeaways

• 🏘️ Malik Riaz is a well-known figure in Pakistan's real estate sector, particularly associated with Bahria Town.
• 💼 The Al-Qadir Trust case and Supreme Court fines against Bahria Town amount to 460 billion rupees, linking Malik Riaz to various allegations.
• 💸 Riaz faces fresh accusations of money laundering involving billions of dollars, connected to banking transactions from 2019.
• 🏢 Vakee Trading, a Bahria Town subsidiary, is mentioned as a shadow company with no employees, used for questionable financial practices.
• 📊 Over the past five years, there have been transactions worth 319 billion rupees linked to Vakee Trading.
• 🛑 A scheme involving fictitious loans and land purchases helped the company evade taxes and launder money.
• 🌍 A portion of the laundered money reportedly remains in the country, though some funds may have been transferred abroad.
• 🚓 Malik Riaz has left the country, and several of his properties and assets have been confiscated in corruption cases.
• ⚖️ Bahria Town aims to resolve the case through an out-of-court settlement, though court proceedings are ongoing.
• 📉 Despite being a major taxpayer, Bahria Town and its subsidiaries face extreme allegations of tax evasion and money laundering.

Q & A

Who is Malik Riaz and what is his involvement in the Al Kader Trust case?

Malik Riaz is a prominent figure in Pakistan's real estate sector. His name has been implicated in the Al Kader Trust case, which involves allegations of money laundering and tax evasion.

What is the amount of the fine imposed on Malik Riaz by the Supreme Court?

The Supreme Court has imposed a fine of 460 billion PKR on Malik Riaz in relation to the Al Kader Trust case.

What is the nature of the allegations against Malik Riaz and Bahria Town?

The allegations include money laundering, tax evasion, and the involvement in suspicious financial transactions. The case also involves the transfer of funds between different accounts, which is considered a form of money laundering.

What is the role of the company 'Waki Trading' in the case?

Waki Trading is a subsidiary of Bahria Town and is considered a shell company. It is alleged to have been used for transferring funds and is involved in the financial transactions under scrutiny.

How does the case involve the Federal Board of Revenue (FBR) and what are their reports indicating?

The FBR has been monitoring the financial transactions of the involved entities. Their reports suggest that there are large transactions that are suspicious and not in line with the usual business activities of the companies.

What is the total amount of transactions that have been scrutinized in the past five years?

The total amount of transactions scrutinized in the past five years is 319 billion PKR.

What is the claim of Bahria Town regarding their tax payments and how do they respond to the allegations?

Bahria Town claims to be a significant taxpayer in Pakistan and asserts that they have paid their taxes as per the law. They argue that the allegations are an attempt to tarnish their reputation.

What is the Anti-Money Laundering Act and how does it relate to the case against Malik Riaz?

The Anti-Money Laundering Act is a law designed to prevent the use of the financial system for money laundering. In the case against Malik Riaz, it is used as a basis for investigating the transactions that are suspected to be money laundering.

What is the current status of the case involving Malik Riaz and Bahria Town?

The case is ongoing, with the courts yet to make a final decision on the allegations. Bahria Town is seeking an out-of-court settlement, and the FBR has requested the court to allow them to negotiate.

How does the case involving Malik Riaz differ from the one involving ex-Prime Minister Imran Khan?

While both cases involve allegations of financial misconduct, the case against Malik Riaz specifically pertains to the real estate sector and the transactions related to Bahria Town. The case involving Imran Khan is separate and involves different allegations.

What are the reliefs that Malik Riaz has received from the courts in the past?

Malik Riaz has received significant reliefs from the courts in the past, including in a case involving a reference to a channel from around 2000. He has been granted relief in various matters by the courts.