Two Mauritius-based accounts holding $4.5 million frozen as NAB pursues asset recovery under anti-money laundering laws
The National Accountability Bureau (NAB) Karachi has frozen two foreign bank accounts linked to Bahria Town executives Ahmed Ali Riaz and Mubashira Ali Malik as part of an ongoing investigation into alleged international money laundering.
According to NAB, the accounts, held at Silver Bank in Mauritius, were attached under the provisions of the Anti-Money Laundering Act (AMLA), 2010, following formal authorisation and approval from the Accountability Court in Karachi.
The anti-corruption watchdog stated that its investigation found that M/s Bahria Town (Pvt) Ltd allegedly used an illicit Hawala/Hundi network operating in Pakistan to transfer proceeds of crime outside the country. NAB alleged that the funds were initially moved to the United Arab Emirates before being transferred to Mauritius, where they were deposited into joint bank accounts.
The Bureau said that approximately US$4.5 million is currently held in the frozen accounts, which have been attached as part of ongoing efforts to trace and recover assets allegedly derived from unlawful activities.
NAB further disclosed that it has initiated legal proceedings through diplomatic channels and relevant foreign authorities to secure the forfeiture and repatriation of the funds in accordance with the Anti-Money Laundering Act, 2010.
The Bureau stated that the asset recovery process has reached an advanced stage and reiterated its commitment to pursuing illicit assets across international jurisdictions through cooperation with foreign counterparts.
The latest development marks a significant step in Pakistan’s efforts to combat cross-border financial crimes and recover assets allegedly linked to money laundering activities.
Bahria Town and the individuals named have not publicly responded to NAB’s allegations. The investigation and legal proceedings remain ongoing, and the allegations have yet to be tested in a court of law.
