LONDON – UK-based billionaire entrepreneur Asif Aziz is facing criminal investigation over alleged property mismanagement and legal issues, British media reported.
The property mogul known for owning key landmarks, including London Trocadero and Criterion Building, is facing private criminal investigation after complaints from residents of Fountain House, a residential building located on Park Lane in London’s Mayfair district.
As per reports, Tarique Ghaffur, a former senior official of Scotland Yard, is investigating into Aziz’s property management firm as Aziz’s firm is accused of imposing inflated service charges and providing subpar management.
“After carefully reviewing the available information, we believe there are significant concerns that justify a criminal inquiry. We are in the process of gathering evidence with the intention of presenting our findings to the relevant authorities,” Ghaffur said.
The property Fountain House is near to premises of several filthy rich individuals like ex-Pakistani PN Nawaz Sharif and Shahrukh Khan. Some residents have already filed civil lawsuits against Parkgate Aspen, seeking redress for the alleged mismanagement.
Asif is also known for philanthropy as the Aziz Foundation owns a vast portfolio. Despite his success in the property market, Aziz has faced criticism over the years for his business practices, particularly regarding his treatment of tenants and his handling of building management.
His business dealings have also attracted unwanted attention, as Aziz used offshore entities in the Isle of Man to acquire properties, some of which were redeveloped into luxury flats.
Aziz’s redevelopment strategy has drawn significant backlash from local communities. A former report alleged that his property conversions were displacing vital public amenities such as nurseries and bars. Aziz’s legal team responded by threatening defamation action, denying the claims made against him.
In late 2024, another controversy emerged when Prince Charles Cinema in Leicester Square launched campaign against the proposed rent increase and strict lease terms by Zedwell LSQ Ltd., a company owned by Aziz.
Aziz was reportedly forced to pay 55 million Pakistani rupee to resolve a legal dispute involving an unauthorized Forrest Gump-themed shrimp restaurant in Piccadilly Circus.
The scrutiny surrounding Aziz intensified when one of his companies, Golfrate Holdings (Angola) Lda, was added to the U.S. Treasury Department’s Specially Designated Nationals (SDN) sanctions list, further raising questions about his business dealings and affiliations.
