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Islamabad: The National Accountability Bureau (NAB) has initiated an investigation into Malik Riaz, owner of Bahria Town Private Limited, regarding allegations of fraud, deceptive practices, and public deception on a large scale.
According to a statement by Ministry of Information and Broadcasting, NAB has gathered substantial information indicating that Riaz and his associates have illegally acquired state-owned and private lands in Karachi, Takht-Parri, Rawalpindi, and New Murree. These lands have been used for developing housing projects without necessary regulatory approvals, including No Objection Certificates, resulting in alleged fraud amounting to billions of rupees.
The inquiry also extends to other cities, such as Peshawar and Jamshoro, where Riaz has reportedly continued similar activities. He is accused of selling plots and files in these unauthorized housing schemes, despite lacking clear title to the lands.
Currently, Riaz is classified as an absconder in a separate case with the UK’s National Crime Agency and is wanted by the court. NAB has already frozen numerous assets belonging to Bahria Town and Riaz.
Riaz, now residing in the UAE, has recently unveiled plans for constructing luxury apartments in Dubai. The public has been cautioned against investing in this venture, as doing so could potentially involve them in money laundering activities, leading to possible legal repercussions.
In a bid to prosecute Riaz, the Government of Pakistan is engaging with UAE authorities to secure his extradition through legal avenues.
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