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Pakistan says evidence of money laundering by top real estate firm, founder found by FIA

Pakistan says evidence of money laundering by top real estate firm, founder found by FIA
This file photo, posted on July 26, 2025, shows the private integrated township developed by Pakistan’s largest real estate company, Bahria Town, in Karachi. (Photo courtesy: Facebook/Bahria Town/File)
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Updated 06 August 2025

Pakistan says evidence of money laundering by top real estate firm, founder found by FIA

Pakistan says evidence of money laundering by top real estate firm, founder found by FIA
  • Information minister alleges Bahria Town was running setup at Safari Hospital to transfer billions of money abroad illegally
  • Malik Riaz Hussain has spoken publicly about being pressured due to “political motives,” facing losses from alleged harassment 

ISLAMABAD: Pakistan’s Information Minister Attaullah Tarar announced on Wednesday that the Federal Investigation Agency (FIA) has collected evidence of money laundering, amounting to billions of rupees, by the country’s top real estate firm Bahria Town and its founder Malik Riaz Hussain. 

The development takes place amid a high-profile crackdown against Bahria Town. The National Accountability Bureau (NAB), Pakistan’s anti-graft body, had earlier announced auctioning six Bahria Town properties in August. NAB said the sale aims to recover unpaid amounts from a settlement deal linked to the £190 million case involving Hussain.

Hussain has spoken publicly for months about being pressured due to “political motives” and facing financial losses. 

In a televised message on Wednesday, Tarar said the FIA had conducted a raid on Tuesday at the Begum Akhter Rukhsana Memorial Trust Safari Hospital, during which it recovered evidence of Bahria Town’s money laundering involving Rs1.12 billion [$3.9 million]. He said Bahria Town staff members at the hospital attempted to destroy the documents when the raid was conducted, and that though some records were lost, the majority of the evidence was successfully recovered. 

“The action that has been taken, this setup that they [Bahria Town] were running in the hospital, is clear proof that billions of rupees were being transferred out of the country through illegal means to damage its economy,” Tarar said. 

He said this amount was not sent abroad via official or banking channels, rather through hundi-hawala networks. The minister alleged that the Safari Hospital was being used as a “front” to conceal cash and official records from authorities. 

Tarar alleged that a man named Khalil, who oversaw Bahria Town’s operations, is currently in custody. Similarly, the minister said individuals named Imran and Qaiser were found to be operating a hundi-hawala network, with connections to Bahria Town’s chief financial officer and director of finance.

The information minister said the hospital’s ambulance was employed to transport documents and money. He said the FIA is investigating the case, saying that the locations of several individuals who have absconded have already been identified.

He urged those suspects to present themselves before the law, noting that comprehensive evidence has been collected against them.

Tarar assured the residents of Bahria Town that their rights will remain protected during the course of the investigation. 

“This action over money laundering is against Malik Riaz and his officials and his family members who are involved in this,” he said. 

Riaz or Bahria Town has so far not responded to the allegations. 

HUSSAIN, AL-QADIR TRUST CASE

While Hussain has not explicitly named who was pressuring him or why, media and analysts widely speculate the crackdown relates to the Al-Qadir Trust case, which involves accusations former prime minister Imran Khan and his wife, during his premiership from 2018-2022, were given land by Hussain as a bribe in exchange for illegal favors.

In January, a court sentenced Khan to 14 years imprisonment in the Al-Qadir Trust case.

In 2019, Britain’s National Crime Agency (NCA) said Hussain had agreed to hand over £190 million held in Britain to settle a UK investigation into whether the money was from the proceeds of crime.

The agency said the assets would be passed to the government of Pakistan and the settlement with Hussain was “a civil matter, and does not represent a finding of guilt.”

The case made against Hussain and ex-PM Khan was that instead of putting the tycoon’s settlement money in Pakistan’s treasury, Khan’s government used the money to pay fines levied by a court against Hussain for illegal acquisition of government lands at below-market value for development in Karachi.

Hussain, who hasn’t appeared before an anti-graft agency to submit his reply to summons issued to him, has denied any wrongdoing. Khan and his wife have also pleaded innocence.

The latest development marks another escalation in the legal troubles facing Hussain, widely regarded for years as Pakistan’s most influential businessman, known for close ties with political, media and military elites.

On Tuesday, Hussain said in a statement on social media platform X his property empire was on the brink of collapse due to what he termed a politically motivated crackdown. He claimed Bahria Town’s bank accounts had been frozen, vehicles seized and dozens of employees arrested, forcing a near shutdown of operations.

“The situation has reached a point where we are being forced to completely shut down all Bahria Town activities across Pakistan,” Hussain said. “We apologize to the residents and stakeholders of Bahria Town.”

Earlier this year in January, NAB put out a public notice cautioning people against investing in Hussain’s new real estate venture to build luxury apartments in Dubai. 


Pair of bombings hours apart kill 8, wound 23 in southwest Pakistan

Pair of bombings hours apart kill 8, wound 23 in southwest Pakistan
Updated 18 September 2025

Pair of bombings hours apart kill 8, wound 23 in southwest Pakistan

Pair of bombings hours apart kill 8, wound 23 in southwest Pakistan
  • Two security personnel were killed, 23 injured in first attack in southwestern Turbat district, say police
  • Hours later, another car bomb exploded near Afghan border in southwestern city of Chaman, killing six

QUETTA, Pakistan: A pair of car bombings hours apart in Pakistan’s insurgency-hit southwest killed at least eight people and wounded about two dozen others on Thursday, officials said.

The first attack occurred in Turbat, a district in Balochistan province, when a suicide bomber rammed a vehicle into a security convoy, police official Elahi Bakhsh said. Two security personnel were killed, and 23 others were wounded in the attack, he said.

Hours later, another car bomb exploded near the Afghan border in the southwestern city of Chaman, killing six people, said government administrator Imtiaz Ali.

No group claimed responsibility for the attack. 

The latest attack came two weeks after a suicide bomber blew himself up outside a stadium as supporters of a nationalist party were leaving a rally near Quetta city, killing 13 people.

Pakistan has seen a surge in militant violence in recent years, with most attacks claimed by the Pakistani Taliban, who are known as Tehreek-e-Taliban Pakistan, or TTP. 

The outlawed Baloch Liberation Army and other separatist groups also often stage attacks in Balochistan. The province has long been the scene of a insurgency, with separatists demanding independence from the central government.


Pakistani sound engineer Taurees Habib reveals he won Grammy this year for Hollywood flick

Pakistani sound engineer Taurees Habib reveals he won Grammy this year for Hollywood flick
Updated 18 September 2025

Pakistani sound engineer Taurees Habib reveals he won Grammy this year for Hollywood flick

Pakistani sound engineer Taurees Habib reveals he won Grammy this year for Hollywood flick
  • Taurees Habib discloses he won Grammy in February for Best Score Soundtrack for Visual Media
  • This makes him second Pakistani to bag a Grammy, with singer Arooj Aftab winning the trophy in 2022 

ISLAMABAD: Sound engineer Taurees Habib recently announced he became the second Pakistani to ever clinch a Grammy award for his work in the Hollywood film “Dune: Part Two,” making him the only sound engineer from the country to win the prestigious trophy. 

Though the award was announced earlier this year in February, Habib, who hails from Karachi, had not revealed it publicly. He shared the news via a post on Facebook on Tuesday, saying he was excited to see the golden gramophone award finally arrive at his residence. 

Dune: Part Two is a science fiction film that features a stellar Hollywood cast starring Timothee Chalamet, Zendaya, Rebecca Ferguson, Javier Bardem, Josh Brolin, Austin Butler and Christopher Walken. Habib’s trophy bears the engraving: “Taurees Habib, Engineer. Best Score Soundtrack for Visual Media — 2024, Dune: Part Two (Hans Zimmer).”

“I’m so incredibly honored to have received this for my work on Dune: Part 2, and to be the first Pakistani to receive this for engineering and only the second Pakistani ever to win a Grammy,” Habib wrote on Facebook, sharing a picture of his with the award. 

“It’s crazy to walk into my living room and see this thing just sitting there.”

Habib paid tribute to other members on the team for Dune, crediting their hard work for bringing German composer Hans Zimmer’s vision to life. 

He also uploaded a separate video on Instagram, sharing with his followers the moment he unboxed the award at home. 

“So something happened this February, and I haven’t really talked about it,” Habib says in the video. “It felt like one of those things that’d be better to show than tell about.”

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Habib can be seen pulling the award out of the box in the video and setting it down on the table, simply pointing to it. 

This makes him the second Pakistani to win a Grammy award. Brooklyn-based Pakistani vocalist Arooj Aftab scored her first Grammy in 2022 when she won the prestigious trophy for her song “Mohabbat” in the Best Global Performance category.

However, no other sound engineer from Pakistan has ever won a Grammy. 


Pakistan hopes US removal of Syria sanctions would increase bilateral trade, investment opportunities

Pakistan hopes US removal of Syria sanctions would increase bilateral trade, investment opportunities
Updated 18 September 2025

Pakistan hopes US removal of Syria sanctions would increase bilateral trade, investment opportunities

Pakistan hopes US removal of Syria sanctions would increase bilateral trade, investment opportunities
  • US President Donald Trump formally ordered sanctions against Syria lifted in June this year
  • Pakistan’s finance minister meets Syrian envoy to discuss strengthening bilateral trade and ties

ISLAMABAD: Pakistan’s Finance Minister Muhammad Aurangzeb hoped the removal of US sanctions on Syria would help open bilateral trade and investment opportunities in the country, the Finance Division said on Thursday. 

US President Donald Trump signed an executive order in June to dismantle a web of sanctions against Syria more than six months after the overthrow of Bashar Assad. Syria welcomed the move, saying it would likely unlock investments for the conflict-hit country. The Syrian government had been under heavy US financial penalties that predated the outbreak of a civil war in the country in 2011.

Dr. Ramez Alraee, Syria’s ambassador to Pakistan, called on Aurangzeb at the Finance Division to discuss matters of mutual interest, the finance ministry said. Talks focused on further strengthening longstanding fraternal ties between Pakistan and Syria and exploring avenues for enhanced bilateral cooperation.

“Welcoming the Ambassador, the Finance Minister appreciated the improving situation in Syria and the gradual return to normalcy,” the Finance Division said. “He expressed the hope that the removal of sanctions by the United States would help Syria reintegrate into the international system and open up opportunities for investment and bilateral trade.”

The Pakistani minister assured Dr. Alraee of Islamabad’s “full support” in every way, noting that the people of both countries share bonds of affection and empathy. 

The Syrian ambassador thanked Pakistan for extending diplomatic support following Israel’s airstrikes targeting the Middle Eastern country in June, the Finance Division said. He thanked Islamabad for sending humanitarian aid for Syria following the 2023 earthquake which wreaked havoc in the Middle Eastern country and Turkiye. 

“Ambassador Alraee reaffirmed his commitment to promoting bilateral trade and commerce between the two countries and emphasized the importance of facilitating exchanges of official and business delegations to further strengthen economic and people-to-people ties,” the Finance Division said. 

Like it does with most Middle Eastern countries, Pakistan enjoys close relations with Syria rooted in shared faith and culture. Pakistan and Syria formally established bilateral relations in December 1949. 


Saudi-Pakistan defense pact can help Islamabad stabilize economy, increase exports—analysts

Saudi-Pakistan defense pact can help Islamabad stabilize economy, increase exports—analysts
Updated 18 September 2025

Saudi-Pakistan defense pact can help Islamabad stabilize economy, increase exports—analysts

Saudi-Pakistan defense pact can help Islamabad stabilize economy, increase exports—analysts
  • Pakistan, Ƶ signed defense pact on Wednesday pledging aggression against one country would be treated as attack on both
  • Defense analyst says Ƶ could buy JF-17 Thunder fighter jets from Pakistan amid increasing bilateral defense collaboration

KARACHI: Pakistan’s recent defense pact with Ƶ can help Islamabad stabilize its economy via increased jobs, sharing of technology and exports to the Kingdom, defense and economic experts said on Thursday. 

Pakistan and Ƶ on Wednesday signed a “Strategic Mutual Defense Agreement” pledging that aggression against one country would be treated as an attack on both, a move that will enhance joint deterrence and strengthen decades of military and security cooperation. The accord comes at a time of extreme volatility in the Middle East, where prolonged conflicts have heightened fears of wider instability, reinforcing the urgency Gulf states place on stronger security and defense partnerships.

It also takes place as Pakistan looks to escape a prolonged macroeconomic crisis that forced it to secure loan packages from the International Monetary Fund (IMF). Ƶ has bailed Pakistan out of financial troubles over the years, extending loans to the South Asian country and providing it oil against deferred payments. 

Mushahid Hussain Syed, former chairperson of the Senate Standing Committee on Defense, noted that enhanced defense ties between the two allies could have positive implications for Pakistan’s economy. 

“Yes, both Muslim brotherly countries are leveraging their respective strengths in this historic pact: Pakistan’s military capability and Ƶ’s economic strength,” Syed told Arab News.

Prime Minister Shehbaz Sharif has attempted to increase Pakistan’s GDP and sought help from IMF loans to keep Pakistan’s fragile economy afloat. Pakistan, which exported goods and services worth $32 billion last fiscal year, holds an exhibition in Karachi every two years to increase its defense and military exports. 

The JF-17 Thunder, a multi-role fighter jet co-developed by Pakistan and China, is one such fighter jet that was showcased in the exhibition last year.

Syed said it was likely the Kingdom could buy the fighter jets from Pakistan. 

“Ƶ has close ties with China so JF-17 Thunder sales can also be on the agenda, given the triangular Pakistan-KSA-China partnership,” Syed said. 

Asked if Pakistan could expect some economic relief from the Kingdom in the form of deferred oil payments and loans going forward, Syed said it “should be expected.”

“KSA has helped out Pakistan economically in the past,” he said. 

Khurram Schehzad, adviser to Pakistan’s finance minister, did not respond to Arab News’ queries. 

’FERTILE LAND, LABOR AND REMITTANCES’

Khaqan Najeeb, former finance adviser to Pakistan’s finance ministry, said the pact had formalized decades of ties and opened space for deeper trade and investment between Pakistan and Ƶ. 

“For Ƶ, Pakistan offers fertile land, skilled labor and potential food security links,” Najeeb noted. “For Pakistan, Riyadh is its top remittance source and a critical investor,” he added. 

He said the defense agreement is in line with Ƶ’s Vision 2030 program and gives Pakistan a chance to stabilize its economy “through jobs, capital, and technology.” 

Asked if Pakistan was expected to receive an investment pledge from Ƶ, similar to the US which had secured a pledge of $600 million from the Kingdom earlier this year, Najeeb pointed out that Islamabad and Riyadh had signed agreements worth $2.8 billion in October 2024. 

The finance expert, however, warned that transforming those agreements into “real projects” was a challenge for Pakistan amid the country’s regulatory and fiscal strains. 

“Effective follow-throughs can move the relationship beyond short-term bailouts toward a durable, security-backed economic partnership,” Najeeb noted. 

PAKISTAN STOCKS RALLY

Buoyed by the defense pact, investor confidence surged in Pakistan’s stock market during trading on Thursday. Pakistan’s benchmark KSE-100 Index rose by over one percent and closed at a record 157,953 points, with analysts attributing the rally to Wednesday’s pact. 

“The market touched all-time high after Pak-Saudi pact which is likely to ease (Islamabad’s) financial burden as Pak-Saudi relations improve,” Ahsan Mehanti, CEO at Arif Habib Commodities, told Arab News.

He said investors were expecting Pakistan to receive economic support from Ƶ following the pact. 

Leading brokerage house Topline Securities agreed.

“The bulls stampeded across the trading floor today as the local bourse surged on the back of a landmark development— the signing of the Strategic Mutual Defense Agreement (SMDA) between Ƶ and Pakistan,” Topline Securities said in a statement. 


Pakistan approves $390 million plan to build 1,350 km rail track from Balochistan mines

Pakistan approves $390 million plan to build 1,350 km rail track from Balochistan mines
Updated 18 September 2025

Pakistan approves $390 million plan to build 1,350 km rail track from Balochistan mines

Pakistan approves $390 million plan to build 1,350 km rail track from Balochistan mines
  • Reko Diq mine in southwestern Pakistan is considered one of world’s largest untapped deposits of copper and gold
  • Economic Coordination Committee seeks updates on project’s implementation by March 2026, says Finance Division

ISLAMABAD: Pakistan’s top economic decision-making body on Thursday approved a bridge financing proposal worth $390 million to build a 1,350 kilometer railway track to transport exports from mines in the southwestern Balochistan province, the Finance Division said in a statement. 

The Reko Diq mine, located in Pakistan’s largest and poorest Balochistan province, is among the world’s biggest untapped deposits of copper and gold, with the project estimated to generate $90 billion over the next 37 years. Long stalled by legal disputes and political wrangling, the project was revived after a 2022 settlement with Canada’s Barrick Gold. The Canadian company owns a 50 percent stake in the mine while the governments of Pakistan and the province of Balochistan own the other 50 percent. 

Pakistan Railways Minister Hanif Abbasi told Arab News this week that the Reko Diq Mining Company (RDMC), a joint venture between Canada’s Barrick Gold and Pakistan’s federal and Balochistan governments, had agreed to provide $390 million bridge financing for a railway track from Rohri in Sindh to Nokundi in Balochistan province. He said the project would transport one million tons of copper annually, which otherwise would require over 28,000 truckloads each year.

The ECC held a meeting chaired by Finance Minister Muhammad Aurangzeb and attended by senior officials at the Finance Division on Thursday to consider various proposals for the mine. 

“The ECC [Economic Coordination Committee] also considered a summary submitted by the Ministry of Railways regarding a rail development agreement and bridge financing agreement with the Reko Diq Mining Company, for the provision of bridge financing amounting to USD 390 million to lay a 1,350 km railway track for transporting large volumes of export material from the mines in Balochistan,” the Finance Division said after the meeting. 

It said the ECC approved the proposal and directed the railways ministry to share the agreement’s document with the Finance Division for appraisal. It also instructed the railways ministry and the finance ministry to submit an update to the ECC by March 2026 on the project’s execution and implementation. 

Aurangzeb noted that the ECC’s approvals signified the government’s “firm commitment” to moving ahead with the project, saying it had the potential to transform Balochistan’s economic landscape. 

“The Reko Diq Project will not only unlock one of the world’s largest undeveloped copper-gold deposits but also catalyze job creation, infrastructure development, and long-term socio-economic uplift across the region,” Aurangzeb said, according to the Finance Division. 

Islamabad has touted the mine as a potential driver of growth and foreign exchange earnings, especially as it looks to escape a prolonged macroeconomic crisis that drained its financial resources and triggered a balance of payments crisis. 

While progress on Reko Diq marks a breakthrough for Pakistan’s mining sector and overall economic development, its location underscores the security and political challenges that have long dogged investment in the province.

Balochistan, which borders Iran and Afghanistan, has for decades faced a separatist insurgency. Armed groups have repeatedly attacked government facilities, the military, and infrastructure tied to foreign investment, including Chinese projects under the multi-billion-dollar China-Pakistan Economic Corridor. Insurgents say they are fighting for greater control over the province’s resources and for independence, while the state has described such attacks as terrorism threatening national stability.