The National Accountability Bureau (NAB) has advised the general public to avoid investing in Bahria Town’s new real estate project in Dubai, stating that the Government of Pakistan is engaging with the United Arab Emirates (UAE) authorities through legal channels to seek the extradition of Malik Riaz.
According to a press release carried by state-run Radio Pakistan, NAB is conducting inquiries and investigations against the owner of Bahria Town (Pvt.) Ltd., Malik Riaz, and his associates for fraud, deceptive practices, and cheating the public at large.
NAB stated that Malik Riaz, currently residing in the UAE, has recently launched a project for the construction of luxury apartments in Dubai. The public is strongly advised and warned to refrain from investing in this project. NAB cautioned that any investments in the project would be tantamount to money laundering, which could lead to criminal and legal proceedings.
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“At the moment, Malik Riaz is an absconder in the Al-Qadir Trust case and is wanted by the court. The accountability bureau has already frozen numerous assets of Bahria Town (Pvt.) Ltd. and its owner,” NAB said.
NAB further disclosed that it possesses credible information that Malik Riaz and his accomplices have illegally possessed and occupied state-owned land, as well as private land, in Karachi, Takht-Parri, Rawalpindi, and New Murree.
“He is using these lands for developing housing societies without obtaining mandatory regulatory permissions, such as No Objection Certificates, committing fraud against the State and the general public to the tune of billions of rupees,” NAB stated.
“In a duplicitous manner, Malik Riaz has been developing housing societies under the name of Bahria Town (Pvt.) Ltd. in other cities, including Peshawar and Jamshoro, by illegally possessing and occupying land,” the statement added.
NAB alleged that Malik Riaz continues to defraud the public by selling plots and files in these illegal housing societies. “Neither Malik Riaz nor Bahria Town (Pvt.) Ltd. has a good or clear title to any of the lands in these illegal housing societies,” NAB concluded.
The property tycoon took to X to respond to NAB’s allegations, saying that “Today’s baseless NAB press release is merely a new demand for blackmail. I am holding back, but I carry a storm in my heart.”
Malik Riaz said that he will neither be used against anyone nor will he succumb to blackmail. “The Dubai project will succeed and will make Pakistan’s identity known worldwide.”
