ISLAMABAD: The National Accountability Bureau (NAB) has announced plans to confiscate additional assets belonging to property tycoon Malik Riaz, who is currently residing in Dubai as a fugitive from justice.
According to a NAB spokesperson, Malik Riaz allegedly defrauded citizens of billions of rupees by establishing illegal housing societies in Karachi, Rawalpindi, New Murree, Peshawar, and Jamshoro without acquiring the required No Objection Certificates (NOCs). He is also under investigation for multiple cases of fraud and land-grabbing, along with his associates.
Fraudulent Schemes and Land Grabs
The NAB spokesperson claimed that Malik Riaz unlawfully occupied land under the name of Bahria Town across various cities and continues to collect substantial sums from unsuspecting investors through fraudulent housing schemes.
“Malik Riaz is a fugitive in the NCA case and remains wanted by both the courts and NAB,” the spokesperson stated.
While residing in Dubai, Riaz has reportedly launched a luxury apartment project, which NAB has cautioned may involve money laundering. The bureau has warned the public to avoid investing in the project, as doing so could lead to legal consequences.
Government Action and Coordination with Dubai
The NAB spokesperson also mentioned plans to collaborate with Dubai authorities to take action against Malik Riaz and determine the future of his assets.
“NAB is committed to exposing those who exploit the public through illegal housing societies,” the spokesperson said, urging citizens to exercise vigilance before making investments in such projects.
NAB has already seized numerous Bahria Town assets within Pakistan and is determined to hold Malik Riaz accountable for his alleged fraud and corruption.
