Bahria Town money laundering convictions

A court in Islamabad convicted 3 individuals of illegal transfer of funds for Bahria Town. The accused include Bahria Town Vice Chief Executive Colonel (retd) Khalilur Rehman, hawala operator Imran Kaka, and property dealer Mushtaq Ahmed. They were found guilty under the Foreign Exchange Regulation Act, for sending money abroad illegally for Bahria Town’s projects.

It should be noted that both Federal Investigation Agency (FIA) and National Accountability Bureau (NAB) have been pursuing cases against Bahria Town and its founder, Malik Riaz. Last month, NAB took possession of massive amounts of land belonging to Bahria Town, including an estate belonging to Riaz’s son. It also took possession of Bahria Icon tower in Karachi, the largest skyscraper in Pakistan worth Rs. 100 billion.

Malik argues that he is being victimized for his political views while his detractors accuse him of money laundering, illegal land possession and bribing government officials among other offences. Malik Riaz is the founder of Bahria Town, one of Pakistan’s most prominent real estate development projects.