ISLAMABAD: The National Accountability Bureau (NAB) has cautioned the public against investing in Bahria Town’s new real estate project in Dubai, warning that such investments could amount to money laundering and result in legal consequences. Simultaneously, the government is taking legal steps to seek the extradition of property tycoon Malik Riaz from the United Arab Emirates (UAE).
The move follows the conviction of Pakistan Tehreek-e-Insaf (PTI) founder Imran Khan and his spouse in the Al-Qadir Trust case, in which Malik Riaz and his son are also named as co-accused and have been declared proclaimed offenders. Information Minister Attaullah Tarar recently stated that discussions were underway regarding the repatriation of absconders involved in the case.
In a press release issued on Tuesday, NAB stated: “Mr. Malik Riaz is residing in Dubai, UAE, and has recently launched a luxury apartment project there. The general public is advised and warned against investing in this project, as such actions may constitute money laundering, leading to potential legal proceedings.”
NAB reaffirmed that Malik Riaz is an absconder in the Al-Qadir Trust case and that numerous assets belonging to him and Bahria Town have already been frozen. The watchdog is actively investigating him and his associates for alleged fraud, deceptive practices, and public deception.
According to NAB, Malik Riaz and his accomplices have unlawfully occupied state-owned and private lands in Karachi, Takht Pari (Rawalpindi), and New Murree. These lands have been developed into housing societies without obtaining the necessary regulatory approvals. NAB further alleged that he has expanded such operations in Peshawar and Jamshoro, continuing to sell plots in illegal housing schemes without clear ownership titles or legal documentation.
Malik Riaz has faced numerous legal challenges in the past over land acquisition tactics for his real estate ventures. He and his company have been involved in multiple court cases, including a Supreme Court ruling requiring him to pay the Sindh government for Bahria Town Karachi’s land acquisition.
Last year, in a rare social media post, the property tycoon hinted at facing “pressure” to take a political stance and reported financial difficulties but asserted that he would not become a “pawn for political motives.”
