Islamabad, Special Report Web Desk: The National Accountability Bureau (NAB) is currently conducting investigations into Malik Riaz, owner of Bahria Town (Pvt.) Ltd., for alleged fraud, deceptive practices, and the illegal acquisition of land in Karachi, Takht-Parri, Rawalpindi, and New Murree.
NAB asserts that Mr. Riaz and his associates have illegally occupied both state-owned and private land to develop housing societies without obtaining the necessary regulatory permissions and No Objection Certificates. These actions have resulted in billions of rupees in losses to the state and the general public.
Furthermore, NAB claims that Mr. Riaz has been developing similar illegal housing societies in Peshawar and Jamshoro, continuing to defraud the public by selling plots and files for these properties. The Bureau maintains that neither Mr. Riaz nor Bahria Town (Pvt.) Ltd. possess clear title to any of the land in these developments.
Mr. Riaz is currently residing in Dubai, United Arab Emirates, and is considered an absconder in an ongoing National Crime Agency (NCA) case. NAB has frozen numerous assets belonging to both Mr. Riaz and Bahria Town (Pvt.) Ltd.
The NAB press release also included a warning to the public, advising against investing in a luxury apartment project recently launched by Mr. Riaz in Dubai. The Bureau cautioned that such investments could be considered money laundering and may result in criminal proceedings.
The Pakistani government is reportedly seeking Mr. Riaz’s extradition from the UAE through legal channels.
