The National Accountability Bureau (NAB) issued a public warning on Tuesday, advising against investments in Bahria Town’s newly announced luxury apartment project in Dubai.
The NAB revealed that efforts are underway to extradite Malik Riaz, the property magnate behind the project, from the United Arab Emirates (UAE) through legal channels.
In a statement shared via Radio Pakistan, NAB warned, “Malik Riaz, who resides in the UAE, has recently launched a project to construct luxury apartments in Dubai.”
It further stated, “The public is strongly advised to refrain from investing in this project. Those who choose to invest may be involved in money laundering, which could lead to criminal and legal consequences.”
NAB highlighted that Riaz is a fugitive in the Al-Qadir Trust case, with several assets linked to him and Bahria Town already frozen. Investigations are ongoing into allegations of fraud, deceptive practices, and public cheating.
According to NAB, Riaz and his associates have unlawfully acquired state-owned and private land in Karachi, Rawalpindi, Takht Pari, and New Murree for housing projects without the required regulatory approvals. Similar illegal activities have been discovered in Peshawar and Jamshoro.
The bureau accused Riaz of selling plots in these unauthorized developments, which lacked clear titles, defrauding buyers of billions of rupees. NAB reaffirmed its commitment to seeking justice in the case.
