Islamabad, Jan 22: The National Accountability Bureau (NAB) has issued a public advisory cautioning against investing in Bahria Town dubai latest luxury apartment project in Dubai.
The Government of Pakistan is pursuing legal action to extradite Malik Riaz, the owner of Bahria Town (Pvt.) Ltd., from the UAE, highlighting ongoing investigations against him and his associates for large-scale fraud and deceptive practices.
In a press release shared by Radio Pakistan, NAB emphasized that Malik Riaz is facing charges of public fraud, illegal land acquisition, and money laundering.
The bureau warned that investing in the Bahria Town Dubai project might lead to legal and criminal charges due to links to illicit finances.
NAB revealed that Malik Riaz, currently an absconder in the Al-Qadir Trust case, has had multiple assets frozen due to his alleged involvement in fraudulent activities.
The bureau revealed evidence of his illegal occupation of government and private land in Karachi, Rawalpindi, New Murree, and other areas. He used this land to develop housing schemes without required approvals, including NOCs.
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Malik Riaz also defrauded the public by selling plots and files in unauthorized housing projects across Pakistan, including Peshawar and Jamshoro.
. NAB clarified that neither Malik Riaz nor Bahria Town (Pvt.) Ltd. holds a legitimate claim to the lands associated with these ventures, amplifying concerns about the legality of his business operations.
In response, Malik Riaz refuted NAB’s allegations on social media platform X, dismissing the bureau’s press release as baseless and an attempt at blackmail. He expressed resilience, stating, “I carry a storm in my heart but will not succumb to blackmail or be used against anyone.” Riaz remained optimistic about the success of the Dubai project, claiming it would elevate Pakistan’s global identity.
While the controversy unfolds, NAB continues to urge the public to remain vigilant and avoid investments tied to Bahria Town and Malik Riaz, emphasizing the risks associated with supporting potentially fraudulent ventures.
