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UK’s Crime Watchdog Reaches £190m Settlement With Malik Riaz After Investigation Into Frozen Assets

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The properties of Malik Riaz, owner of Bahria Town, were investigated by National Crime Agency (NCA) in the UK. Following the probe, the NCA has reached a settlement of 190-million-pound sterling with Malik Riaz’s family.

The settlement given by Malik Riaz to the NCA includes a UK property, 1 Hyde Park Place, London, W2 2LH, valued at approximately £50 million and all of the funds in the frozen accounts. The NCA will return these assets to the state of Pakistan.

A previous investigation into his properties by the NCA led to a settlement of 20-million-pound sterling in December 2018. Both times, the investigation led to the freezing of his United Kingdom accounts where the money was stored.

According to the NCA, there were several properties in the current settlement which totalled up to around 50-million-pound sterling. The amount outside of properties totalled at around 120-million-pound sterling. The accounts had been frozen in August 2019 after an order from the Magistrates’ Court.

In March this year, the Supreme Court of Pakistan had fined Malik Riaz 460 billion rupees in a case about Bahria Town’s dealings with the Malir Development Authority in Karachi. Malik Riaz was found guilty of having bribed officials to get illegal access to land for development.

 

 

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