The National Accountability Bureau (NAB) has announced its intention to seize additional assets belonging to property magnate Malik Riaz, who is currently a fugitive residing in Dubai.
A NAB spokesperson stated that Malik Riaz defrauded billions of rupees from the public by establishing illegal housing societies in Karachi, Rawalpindi, New Murree, Peshawar, and Jamshoro without obtaining the necessary No Objection Certificates (NOCs). Several fraud and land-grabbing cases involving Riaz and his associates are currently under investigation.
Illegal Land Grabs and Fraudulent Housing Schemes
According to NAB, Malik Riaz has illegally occupied land in the name of Bahria Town in various cities, continuing to collect large sums of money from unsuspecting investors through fraudulent schemes. “Malik Riaz is a fugitive in the NCA case and is wanted by both the courts and NAB,” the spokesperson added.
In addition to his ongoing activities in Pakistan, Malik Riaz is reportedly behind a luxury apartment project in Dubai, which NAB has warned could be linked to money laundering. The public has been advised to avoid investing in this venture, as it may lead to legal repercussions for investors.
Government Coordination with Dubai Authorities
The NAB spokesperson further confirmed that the government plans to work closely with Dubai authorities to take action against Malik Riaz and address his assets.
“NAB remains committed to alerting the public about individuals exploiting illegal housing societies,” the spokesperson said, urging caution for citizens when considering investments in such projects.
To date, NAB has already seized several assets associated with Bahria Town within Pakistan and continues its efforts to hold Malik Riaz accountable for his alleged fraudulent activities and corruption.
