An international charity and a Dallas-area board member have been named in a bankruptcy court proceeding brought by the father of a disgraced commercial real estate investor.
The Aga Khan Foundation and its U.S. giving program leader Farooq Variani received nearly $1 million in proceeds from a loan obtained by Dallas-based hotelier Raheel Bai, according to court documents. Raheel Bhai has since admitted to fraud charges. .
Hampton Inn, 4502 Beltway Drive, Addison. The place where many of Raheel bhai's illegal activities reportedly took place and where a bag of shredded documents was found.
Immediately after Raheel bhai's plea deal, financier Benefit Street Partners filed charges against his father, Ismail bhai. Ismail Bayh subsequently filed for bankruptcy with debts estimated at between $100 million and $500 million.
However, Benefit Street claimed in court documents that the move was all part of the Bai family's plan to defraud lenders.
The saga began in April 2022 when Benefit Street Partners issued a $149 million loan to Raheel Bhai's company, IBF Properties. Raheel Bai argued that the proceeds would be used to refinance Walgreens' 24 real estate portfolio, allowing IBF to launch an initial public offering. A new real estate investment trust.
Instead, the funds were siphoned off into several shell companies, including EPI Commercial Finance. A dramatic cover-up ensued, with bags of destroyed evidence, empty jewelry boxes, counterfeit money and a surprise trip to Pakistan, according to Raheel Bai's plea.
At least $625,000 of EPI's funds have since been transferred to the Aga Khan Foundation, according to new bankruptcy documents. An additional $350,000 was allegedly transferred to Vagliani.
AKF is a non-profit subsidiary of the Aga Khan Development Network, a web of private, non-sectarian development agencies founded by the Aga Khan. The foundation provides access to education, health care, and financial services in remote areas of Asia and Africa.
Mr. Variani, a telecommunications expert and Irving resident, is a devout member of the Aga Khan's Imami Ismaili sect of Shiite Islam, according to a profile in the Dallas Morning News. He has served as AKF USA's national leader for planned and legacy giving programs since December 2019, according to the nonprofit's website.
Neither Mr. Variani nor representatives of AKF responded. BisnowRequest for comment from.
The bankruptcy trustee assigned to the Bayh case is asking the court to enter a judgment against AKF and Valiani to recover the funds. Ismail Bayh claims that the debt with Benefit Street will be cleared before the civil trial scheduled for the week of May 20th.
Meanwhile, lawyer Weldon Moore III is seeking to have Ismail Bayh removed from his legal team due to underpayments, court documents reveal.Mr. Moore did not respond. Bisnow”Request for comments.
