THE £190 million corruption scandal has unraveled with damning revelations implicating former Chairman of the Asset Recovery Unit (ARU) and ex-Adviser to the Prime Minister on Accountability, Mirza Shehzad Akbar, as the principal architect of a highly organized and unlawful scheme.
Sources confirm Akbar orchestrated a clandestine operation that inflicted severe financial losses upon the Pakistani State while gravely undermining national interests. This scandal starkly illustrates how individuals entrusted with power can manipulate authority to serve private agendas.
Investigations reveal that on 6 November 2019, Akbar signed a Deed of Confidentiality without approval from the cabinet or any constitutional body—clear evidence of a premeditated and covert maneuver. The £190 million, frozen by the UK’s National Crime Agency (NCA) during investigations against Ali Riaz Malik and his wife Mubashara Malik, was returned to Pakistan under the guise of transparency. However, instead of being deposited into the treasury, it was rerouted to a designated account of Bahria Town—a private real estate developer—misrepresented as the “State of Pakistan.” Co-accused Zia Mustafa Naseem also signed the confidential deed and facilitated the transaction. The account’s registration under the Supreme Court’s Registrar, falsely identified as a State Bank account, further evidences gross misconduct.
In 2019, Akbar made two UK visits—from 4 to 8 February and 22 to 26 May—during which he held secret meetings with the British Home Secretary and senior NCA officials. These meetings laid the groundwork for a covert agreement, bypassing the FIA, FBR, and SBP to avoid scrutiny. The deliberate exclusion of these institutions ensured that only a select group benefited—at the expense of transparency and public interest.
When the matter was finally presented to the cabinet on 3 December 2019, Akbar failed to disclose that the agreement had already been signed on 6 November. This omission was not an oversight—it was deliberate deception. Records confirm all critical procedures were completed well before the cabinet’s formal approval, revealing executive overreach and misuse of state machinery.
The frozen UK assets, including luxury properties like 1 Hyde Park Place, were seized under the UK’s Proceeds of Crime Act 2002. Their return offered Pakistan a rare chance to boost public welfare through investments in health, education, and clean water. Yet, this opportunity was lost to backdoor deals and unauthorized actions—leading not only to financial loss but also damaging Pakistan’s international credibility. Court records and insider accounts show the ARU had entered into a preliminary agreement with Bahria Town as early as March 2019, after contacts with UK authorities and lawyers in London. While full details remain opaque, documents point to Akbar’s central role—with signs of political backing and legal overreach. Statements by former Prime Minister Imran Khan and Principal Secretary Azam Khan confirm covert meetings with the NCA occurred as early as March 2019.
This episode shows Akbar exceeded the ARU’s legal bounds and colluded with then-Prime Minister Imran Khan to bypass institutions, compromise judicial transparency, and mislead the cabinet. His concealment of the agreement constitutes betrayal and abuse of office. The actions directly undermined Pakistan’s accountability mechanisms, judiciary, and public institutions. Sources now confirm NAB and other agencies are actively pursuing the case, with critical evidence already unearthed. Shehzad Akbar has been declared a proclaimed offender, and Interpol Red Warrants for his extradition are in process. Judicial and investigative institutions are under pressure to bring offenders to justice—sending a clear message that abuse of public office will not be tolerated.
The scale of this scandal is staggering: £190 million—Rs. 50 billion—was diverted from the treasury to a private housing scheme. These funds, had they entered state coffers, could have financed countless development projects. Instead, they were lost to a well-orchestrated network of corruption, deception, and political patronage—leaving the nation to bear the cost. This scandal marks a dark chapter in Pakistan’s history—an indictment of the accountability system and a cautionary tale about unchecked executive power. When individuals like Akbar, entrusted with public trust, exploit legal loopholes through secret deals, they corrode the foundation of democratic governance.
It is now the solemn duty of the state to set an example. Those who betray public trust must be held accountable. Only through firm, transparent action can Pakistan hope to restore institutional credibility and prevent future breaches. This case does not implicate Shehzad Akbar alone. Mounting evidence points to the complicity of former Prime Minister Imran Khan, who sanctioned these illicit actions and remained complicit through silence. His principal secretary’s testimony and manipulation of cabinet proceedings reflect a systemic betrayal. Worse still, the entire PTI leadership—now preaching accountability abroad—actively facilitated this financial crime. While campaigning in foreign capitals under the banner of “justice” and “democracy,” they continue to harm Pakistan’s image, economic stability, and institutional integrity. This is not mere negligence—it is betrayal. The time has come for Pakistanis to demand accountability not only from individuals but also from entire political forces that looted the state while masquerading as its saviors.
—The writer is contributing columnist.
