Islamabad January 21 2025: National Accountability Bureau (NAB) on Tuesday cautioned the public against investing in Malik Riaz’s newly launched luxury apartment project in Dubai, UAE, warning that such investments could result in legal or criminal action for money laundering, potentially leading to criminal or legal proceedings.
A NAB spokesman stated that Malik Riaz is currently residing in Dubai and an absconder in the National Crime Agency (NCA) case and is wanted by the court. The Government of the Islamic Republic of Pakistan is working to secure his extradition from the United Arab Emirates (UAE) through legal channels.
NAB has already frozen numerous assets of Bahria Town (Pvt.) Ltd. and Malik Riaz. Currently, NAB is conducting inquiries and investigations into Malik Riaz, the owner of Bahria Town (Pvt.) Ltd., and individuals associated with him for fraud, deceptive practices, and cheating the public.
He stated that NAB has strong and credible evidence showing that Malik Riaz and his associates have not only unlawfully acquired and occupied state-owned land but also land belonging to private individuals in Karachi, Takht-Parri, Rawalpindi, and New Murree. Malik Riaz is using these lands to develop housing societies without obtaining the necessary regulatory approvals or No Objection Certificates, committing fraud against the state and the public amounting to billions of rupees.
In a deceitful 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 occupying land and failing to obtain the required regulatory approvals and No Objection Certificates.
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. holds a legitimate title to any of the land in these unauthorized developments.
National Accountability Bureau (NAB), as part of its mandate, is committed to raising awareness about the deceptive and fraudulent marketing practices of illegal housing societies that are scamming the public and generating billions of rupees.
