The National Accountability Bureau (NAB) has advised the general public to avoid investing in the new real estate project in Bahria Town in Dubai, stating that the government of Pakistan is approaching the UAE authorities through legal channels seeking extradition. Malik Riad.
According to a press release carried by the state Radio PakistanNAB is conducting inquiries and investigations against the owner of Bahria Town (Pvt.) Ltd., Malik Riaz and his associates for fraud, deceptive practices and deceiving the public at large.
NAB stated that Malik Riaz, who is currently residing in the UAE, recently launched a project to build luxury apartments in Dubai. The public is strongly advised and cautioned to refrain from investing in this project. NAB warned that any investments in the project would amount to money laundering, which could lead to criminal and legal proceedings.
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“Currently, Malik Riaz is on the run in the Qadir Fund case and is wanted by the court. NAB said the Accountability Bureau has already frozen several assets of Bahria Town (Pvt.) Ltd. And its owner.
NAB also revealed that it possesses credible information that Malik Riaz and his accomplices illegally owned and occupied state-owned lands, as well as private lands, in Karachi, Takht Bari, Rawalpindi and New Murree.
“He is using these lands to develop housing societies without obtaining mandatory regulatory permissions, such as no-objection certificates, and is committing fraud against the state and general public to the tune of billions of rupees,” NAB said.
“In a deceptive manner, Malik Riaz developed housing societies under the name of Bahria Town (Pvt) Limited in other cities, including Peshawar and Jamshoro, through illegal acquisition and occupation of lands,” 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) Limited has good or clear title to any of the lands in these illegal housing societies,” NAB concluded.
The real estate mogul took to X To respond to NAB’s allegations, saying, “Today’s baseless press release issued by NAB is just another blackmail demand. I’m backing down, but I carry a storm in my heart.”
Malik Riaz said that he will not be used against anyone and will not be subjected to blackmail. “The Dubai project will succeed and will make Pakistan’s identity known throughout the world.”