NCA probe into Malik Riaz Settles at £190m in the United Kingdom – Research Snipers

NCA probe into Malik Riaz Settles at £190m in the United Kingdom

A UK-based law enforcement agency, National Crime Agency (NCA) announced that it agreed to a £190 million settlement with a family that owns large property development in Pakistan and elsewhere.

According to the details shared by NCA, the settlement comes into effect after a frozen funds investigations in the United Kingdom.

In another tweet, the agency stated that the £190 million settlement is a result of an investigation by the UK-based NCA into Malik Riaz Hussain, a Pakistan national, whose business is one of the biggest private-sector employers in Pakistan.

“The NCA has accepted a settlement offer in region of £190 million which includes a UK property, 1 Hyde Park Place, London W2 2LH, valued at approximately £50 million and all of the funds in the frozen accounts,” the national crime agency of the United Kingdom said through a tweet on Tuesday.

As per the details of the case, in August 2019, eight accounts freezing orders were issued by Westminster Magistrates’ Court in connection with funds totaling around £120 million. These followed an earlier freezing order in December 2018 linked to the same investigation for £20 million.

On the other hand, the National Crime Agency (NCA) announced that the assets will be returned to the State of Pakistan.

Leave a Reply

Your email address will not be published. Required fields are marked *