Malik Riaz’s son-in-law acquitted in six cases on Rs9.5bn plea bargain

ISLAMABAD: The accountability court here on Monday approved acquittal of Zain Malik, son-in-law of property tycoon Malik Riaz, in six cases pertaining to fake accounts after the suspect pledged to pay Rs9.5 billion in plea bargain.

The National Accountability Bureau (NAB) submitted a schedule of payment to the accountability court.

Accountability Court judge Mohammad Bashir took up applications of Mr Malik seeking acquittal in three under-trial cases and approved them.

Zain undertook to mortgage his six properties and pay Rs4 billion in one case, Rs170 million in another and Rs37 million in the third case to NAB, Rawalpindi Directorate, in three years. He will pay the amount in instalments in three months’ interval.

Mr Malik joined the court’s proceeding through a video link from the UK.

When the judge asked the son-in-law of Malik Riaz whether he knew consequences of acquittal through the plea bargain, he replied in the affirmative.

The acquittal under the plea bargain did not absolve the accused from the case as the conviction stands despite acquittal.

Mr Malik is accused in the fake accounts cases of Pink Residency, Illegal Allotment and Mega Money Laundering.

He is also an accused in the Icon Tower case of Karachi. He has to formally plead in the accountability court in this case for acquittal under the plea bargain.