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NAB raids Bahria Town office in Rawalpindi as Malik Riaz refuses to surrender

10:29 PM | 28 May, 2024
NAB raids Bahria Town office in Rawalpindi as Malik Riaz refuses to surrender
Source: X

The National Accountability Bureau (NAB) raided the Bahria Town office in Rawalpindi on Monday for the "Al-Qadir Trust University case".

The sources said the anti-corruption team searched for records of Al-Qadir Trust University at Bahria Town’s office. Punjab police and elite force teams were also part of the raid.

Al-Qadir Trust University is linked to a high-profile case involving the Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan and a £190 million settlement with the UK’s National Crime Agency (NCA).

Reacting to the raid, Bahria Town Chairman Malik Riaz Hussain said on Twitter (now X) that he would face all challenges and not become "an approver."

Sources also mentioned that NAB is investigating alleged irregularities against Bahria Town, particularly related to land acquired for Bahria Enclave’s zoo project.

What is the Al-Qadir Trust case?

PTI chairman Imran Khan faces corruption charges involving billions of rupees, along with his wife Bushra Bibi and other PTI leaders. The case involves a settlement between the PTI government and a property tycoon, resulting in a £190 million loss to Pakistan’s national treasury.

Khan and the other accused are alleged to have adjusted Rs50 billion (then £190 million) sent by Britain’s NCA to the Pakistani government as part of a deal with the property tycoon. They are also accused of receiving over 458 kanals of land in Mouza Bakrala, Sohawa, to establish Al-Qadir University.

During the PTI government, the NCA seized assets worth £190 million from the property tycoon in Britain. The assets were to be returned to Pakistan, and the settlement with the tycoon was considered a civil matter, not a criminal finding.

Then-prime minister Khan approved the settlement with the UK crime agency on December 3, 2019, without revealing details of the agreement. The money was to be submitted to the Supreme Court on behalf of the tycoon.

The Al-Qadir Trust was established in Islamabad shortly after the PTI government approved the agreement. Zulfi Bukhari, Babar Awan, Bushra Bibi, and her friend Farah Khan were appointed as trust members.

A few months after the cabinet’s approval, the property tycoon transferred 458 kanals of land to Bukhari, who later transferred it to the trust. Bukhari and Awan eventually left the trust, which is now registered in the names of Khan, Bushra Bibi, and Farah.

NAB officials initially investigated the alleged misuse of power in handling the "dirty money" received from the UK crime agency. The inquiry turned into a full investigation after "irrefutable evidence" emerged.

NAB claims that Khan and his wife received valuable land from the tycoon to build an educational institute in exchange for legalizing the tycoon’s money from the UK crime agency.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - PKR to US Dollar, Euro, Pound, Dirham, Riyal - 21 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 21, 2024 (Friday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.6 for buying and 280.75 for selling.

Euro's buying rate stands at 297 and selling rate is 299.5 while British Pound rate is 350.5 for buying, and 354 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.75.

Forex Rates

Currency Symbol Buying Selling
US Dollar USD 277.6 280.75
Euro EUR 297  299.5 
UK Pound Sterling GBP 350.5  354 
U.A.E Dirham AED 74.80  75.6
Saudi Riyal SAR 72.75 73.5
Australian Dollar AUD 181.2 183
Bahrain Dinar BHD 740.91 749.18
Canadian Dollar CAD 203.5 205.5
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.11 40.51
Hong Kong Dollar HKD 35.68 36.03
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.9 1.98
Kuwaiti Dinar KWD 907.62 916.62
Malaysian Ringgit MYR 59.07 59.67
New Zealand Dollar NZD 170.98 172.98
Norwegians Krone NOK 28.83 29.13
Omani Riyal OMR 723.62 731.62
Qatari Riyal QAR 76.53 77.23
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.68 26.98
Swiss Franc CHF 315.08 317.58
Thai Bhat THB 7.59 7.74

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