NAB Warns Public Against Bahria Town’s Fraudulent Practices

Karachi: The National Accountability Bureau (NAB) has issued a warning to the public about deceptive marketing practices conducted by illegal housing societies, specifically focusing on Bahria Town (Pvt.) Ltd. and its owner, Malik Riaz. The bureau is investigating Riaz and his associates for allegations of fraud and deceptive practices involving state and private lands.

According to a statement by National Accountability Bureau, the ongoing investigations reveal that Malik Riaz has illegally occupied state-owned and private lands in Karachi, Takht-Parri, Rawalpindi, and New Murree for the development of unauthorized housing societies. These developments reportedly lack the necessary regulatory permissions and No Objection Certificates, leading to financial fraud amounting to billions of rupees.

The inquiry extends to other Bahria Town projects in Peshawar and Jamshoro, where similar illegal land activities have been reported. The NAB states that Malik Riaz and his company lack clear titles to the lands being sold to the public, and numerous assets of Bahria Town have already been frozen.

Malik Riaz currently resides in Dubai, where he has initiated a luxury apartment project. The public is warned against investing in this venture, as it may lead to criminal proceedings under money laundering charges. The Pakistani government is reportedly in contact with the United Arab Emirates to seek Riaz’s extradition through legal means.

The post NAB Warns Public Against Bahria Town’s Fraudulent Practices appeared first on pakistannewsgazette.com.