Supreme Court Halts Transactions on 2 Pakistani Multi-Billionaires’ Silver Bank Accounts

Accounts belonging to two Pakistani multi-billionaires have been frozen following a strict judge’s order targeting funds held within the controversial Silver Bank Limited.

The order imposes an absolute prohibition on the transfer, pledging, or disposal of the assets.

The restriction specifically targets a joint current account held by Ahmed Ali Riaz and Mubashra Ali Malik, alongside a fixed-deposit account held exclusively by Mr Riaz.

No transactions can now be executed on these funds without an explicit directive from a Supreme Court judge.

The enforcement brings a major international dimension to light, given the prominent profiles of the individuals involved.

Mr Riaz serves as the Chief Executive Officer of Bahria Town, Asia’s largest private real estate developer, which was founded by his father, the Pakistani billionaire Malik Riaz Hussain.

A History of International Judicial Pressure

The Riaz family and Ms Malik have faced prolonged international legal scrutiny, notably within the British judicial system.

In the case of Hussain & Anor v Secretary of State for the Home Department (2021 EWCA Civ 2781), the UK’s National Crime Agency (NCA) successfully secured nine Account Freezing Orders (AFOs).

The British asset trail dates back to December 2018, when an initial freeze was placed on nearly £20 million (approximately Rs 1.2 billion at the historical exchange rate).

Those funds had been transferred by Ms Malik from a personal account in the United Arab Emirates to Premier Investments Global Ltd, a British Virgin Islands company owned by the couple.

By August 2019, eight subsequent NCA freezing orders raised the total volume of seized British funds to roughly £140 million (approximately Rs 8.9 billion).

The Karachi Land Scandal

The wider investigation is tied to what is considered one of the largest land scandals in Pakistan’s history: the “Bahria Town Karachi land grab”.

In 2025, Pakistan’s National Accountability Bureau (NAB) filed a formal complaint regarding the alleged illegal encroachment of nearly 17,000 acres (approximately 13,600 arpents) of public land in Malir, a district in eastern Karachi. The state-level loss is estimated to run into several hundred billion rupees.

The extensive case involves 33 accused individuals, including high-ranking Pakistani political figures and former government ministers, who stand accused of complicity and administrative forgery to benefit Bahria Town.

Red Notices and Extradition

The fallout from the land grab case has led to severe criminal sanctions in Pakistan. Judge Syed Nadeem Hussain Shah, presiding over a Pakistani anti-corruption court, issued “perpetual” arrest warrants against Malik Riaz and his son, Ahmed Ali Riaz, officially declaring them “proclaimed offenders” (outlaws).

Their passports have subsequently been blocked, and Interpol officially issued Red Notices against the father and son last May.

NAB Chairman Nair Ahmed Butt confirmed during a press conference in early May that formal extradition proceedings are currently underway with authorities in the United Arab Emirates.

Source: Defi Media