ISLAMABAD – Bahria Town, one of leading real estate development company, has been in dire straits for quite some time. From housing glory to auction block, the housing firm owned by Malik Riaz is not facing auction over tax arrears.
Federal Board of Revenue moved along to auction two major real estate properties owned by Bahria Town the Bahria Icon Tower in Karachi and the Mall of Islamabad next month as part of an effort to recover more than Rs26 billion in outstanding tax liabilities, per reports.
A notice shared in a local publication said PROCLAMATION OF SALE OF IMMOVABLE PROPERTIES OF A TAX DEFAULTER. It said
“In accordance with provisions of Section 138(2)(a) of the Income Fax Ordi 2001 read with Rule 162 of the Income Tax Rules 2002, the following property of a tax defaulter will be sold by public auction: BAHRIA ICON TOWER, KARACHI Clifton Karachi.”
It mentioned the amount of tax default Rs26,466,222,636.
Bahria Icon Tower Karachi Auction
The process will be conducted under the Income Tax Ordinance 2001 and the Tax Default Act 2002. This development adds to Bahria Town’s growing legal troubles.
Last month, authorities intensified corruption probe against Bahria Town Karachi, freezing more than one dozen bank accounts and stopping commercial operations. The country’s antigraft watchdog alleges that Bharia Town acquired over 16,000 acres of government land in Karachi’s Malir district and generated billions in illicit profits.
More than 1,000 commercial plots owned by Bahria Town Karachi were also frozen as evidence revealed the real estate giant encroached on land well beyond what was legally allotted, in collusion with officials from the Malir Development Authority.
Prominent figures under investigation include property tycoon Malik Riaz, his son Ahmed Ali Riaz, and several associates such as Faisal Qureshi, Muhammad Owais, Zain Malik, Shahid Qureshi, Waseem Rifat, and Waqas Rifat. They face serious corruption charges and allegations of large-scale land fraud.
Officilas also warned investors to avoid Bahria Town’s latest real estate venture in UAE due to ongoing high level probe. The anti-corruption body is also coordinating with Gulf authorities to secure Malik Riaz’s extradition in connection with the high-profile Al-Qadir Trust case.
Malik Riaz earlier lamented whole probe and allegations, accusing NAB of blackmail and calling the charges politically motivated. As legal and financial pressure mounts, Bahria Town faces an uncertain future amid Pakistan’s most high-profile anti-corruption investigation in recent years.
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