The National Accountability Bureau (NAB) has issued a public warning against investing in Bahria Town’s newly launched real estate project in Dubai, while announcing efforts to extradite property tycoon Malik Riaz from the United Arab Emirates (UAE) through legal channels.
In a press release shared on Tuesday via state media, NAB cautioned that any investment in the Dubai project could be considered money laundering, potentially leading to criminal or legal action against investors. The bureau stated, “Malik Riaz is residing in Dubai and has recently launched a project for luxury apartments. The general public is advised to refrain from investing in this project, as it may result in legal consequences.”
Information Minister Attaullah Tarar recently stated that consultations were ongoing to ensure accountability for all absconders in the case. NAB reiterated that Riaz is wanted for fraud, deceptive practices, and cheating the public, with inquiries underway into his alleged illegal activities.
NAB accused Malik Riaz and his associates of illegally occupying state-owned and private lands in Karachi, Takht Pari (Rawalpindi), and New Murree, using these lands to develop housing societies without obtaining the necessary regulatory approvals or no-objection certificates. The bureau claimed that Riaz had defrauded the public of billions of rupees by selling plots and files in these illegal projects.
The watchdog further alleged that Riaz was expanding his operations to other cities, including Peshawar and Jamshoro, under the Bahria Town name, using similar tactics of illegal land acquisition and regulatory violations. NAB stated that neither Riaz nor Bahria Town had clear ownership of the lands being sold in these projects.
Malik Riaz has faced numerous allegations and legal cases over his real estate ventures, including accusations of coercive land acquisition tactics. In a recent Supreme Court ruling, Bahria Town was ordered to pay the Sindh government for land acquired for its Karachi project.
Last year, Riaz hinted at facing “pressure” to align with political interests in a cryptic social media post, where he also mentioned financial losses but vowed not to be used for political motives. Known for his connections with political parties, media, and the country’s civil and military establishment, Riaz has not yet responded to NAB’s latest statement.
