Pakistani real estate tycoon agrees to hand over £190MILLION to UK authorities

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Pakistani tycoon behind Asia's largest private property company agrees to hand over £190MILLION including his £50m Hyde Park Place mansion to UK authorities to ward off McMafia criminal proceeds order National Crime Agency got a freezing order against Malik Riaz Hussain He has now agreed to hand over £50million house and £140million in cash The money will be handed over to authorities in Pakistan 

By Richard Spillett, Crime Correspondent For Mailonline

Published: 12:37 GMT, 3 December 2019 | Updated: 15:00 GMT, 3 December 2019

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A Pakistani business tycoon has agreed to hand over a lavish London property, cash and other assets worth £190million to UK investigators.

Property developer Malik Riaz Hussain has given up his Grade II listed building 1 Hyde Park Place, valued at £50million and £140million in funds frozen by the National Crime Agency (NCA), often called 'Britain's FBI'.

Hussain is one of Pakistan's richest and most powerful businessmen, a billionaire who is also well known for working on upmarket gated housing communities and his charitable activities. He is said to be worth around £750million.

Over the last year he has been fighting court action over business deals in Pakistan, but denied any wrongdoing today.

Pakistani property developer Malik Riaz Hussain has agreed to hand over assets and funds worth £190million to UK authorities, which will be handed over to Pakistan

Pakistani property developer Malik Riaz Hussain has agreed to hand over assets and funds worth £190million to UK authorities, which will be handed over to Pakistan

The agreement includes plans for this luxury property overlooking Hyde Park to be handed over to British authorities. It is expected to be sold and the proceeds given to Pakistan

The agreement includes plans for this luxury property overlooking Hyde Park to be handed over

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