Karachi: The  National Crime Agency (NCA), UK agreed settlement of property and assets worth £190 million belonging to a prominent Pakistani business tycoon in frozen funds investigation, media reported on Tuesday. The property was previously owned by former prime minister Nawaz Sharif's son Hussain Nawaz, who sold it to the business magnate's son prior to the Panama scandal.

Reportedly, officials of the NCA carried out investigation in the case. The NCA officials said that a settlement offer in the region of £190 million has been accepted and the amount will be returned back to Pakistan.

They maintained that the NCA also seized another property worth £50 million of the business personality in London.

The NCA has agreed a £190m settlement with a family that owns large property developments in Pakistan and elsewhere after a frozen funds investigation.

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— National Crime Agency (NCA) (@NCA_UK) December 3, 2019

Earlier in August 2019, orders to freeze eight accounts were secured at Westminster Magistrates' Court to investigate funds worth £120 million. In December 2018, account freezing orders were also sought for the investigation of £20 million. All of the account freezing orders relate to money held in UK bank accounts.

The NCA has accepted a settlement offer in region of £190 million which includes a UK property, one Hyde Park Place valued at approximately £50 million and all of the funds in the frozen accounts.

Earlier this year, the efforts of Prime Minister Imran Khan and Special Assistant to PM for Accountability Shahzad Akbar yielded positive results after the government signed a pact with the British government over extradition of accused involved in corruption cases and seizing assets and property in the United Kingdom.

Negotiations were held from both sides over the matter and the British authorities agreed to cooperate with Pakistani government.