The Islamabad High Court (IHC) has directed a new investigation into a high-profile case where property tycoon Malik Riaz was threatened with a ransom of 50 bitcoins, worth over Rs1.42 billion. The threats reportedly targeted Riaz and his family in Pakistan and abroad.
The court overturned a previous dismissal by a Judicial Magistrate (Sec-30), ruling that the initial process was rushed and lacked transparency. Justice Muhammad Asif approved a writ petition filed by Colonel (retd) Khalil-ur-Rehman, who serves as Malik Riaz’s security officer, and instructed a proper investigation under Section 173 of the CrPC.
The FIR, registered on January 29, 2025, under Section 506 of the Pakistan Penal Code (criminal intimidation), includes screenshots and email headers linking the threat to Malik Riaz and Bahria Town. According to the complaint, an email was sent to Malik Riaz on January 12 demanding 50 bitcoins and warning that his family’s lives would be at risk if the demand was not met.
The email specifically mentioned relatives of Malik Riaz and his son, Ahmed Ali, residing in Gulf countries and the West. It also contained a menacing statement: “If you want to save these family members’ lives… transfer 50 bitcoins to the given address; otherwise, a mujahid isn’t far from your drawing rooms.”
Adding to the fear, the FIR notes that an unknown individual visited the residence of Malik Riaz’s daughter and his own home, taking photos and videos while scouting the properties. Although the threatening email appeared to originate from Switzerland, the investigation suggests it was actually sent from Pakistan.
The IHC’s directive ensures a comprehensive and lawful inquiry into this alarming bitcoin ransom threat against one of Pakistan’s most prominent real estate figures.
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