NAB to Seize More Assets of Property Tycoon Malik Riaz
The National Accountability Bureau (NAB) has announced plans to seize additional assets of Malik Riaz, a property tycoon currently residing in Dubai as a fugitive from justice. According to a spokesperson, Malik Riaz is accused of defrauding individuals out of billions of rupees by establishing illegal housing societies across various cities, including Karachi, Rawalpindi, New Murree, Peshawar, and Jamshoro, without obtaining the necessary No Objection Certificates (NOCs).
Illegal Land Grabs and Housing Schemes
The NAB spokesperson revealed that Malik Riaz illegally occupied land under the name of Bahria Town in multiple cities and continues to collect substantial sums from unsuspecting investors through fraudulent schemes. The spokesperson also clarified that Malik Riaz is a fugitive in the NCA case and is wanted by both the courts and NAB.
Read More: NAB Raids Bahria Town Office; Malik Riaz Evades Surrender
While in Dubai, Riaz has reportedly launched a luxury apartment project, which NAB suspects could be linked to money laundering activities. The public has been advised to steer clear of this project, as investing in it may expose investors to potential legal consequences.
Government’s Coordination with Dubai Authorities
In an effort to hold Malik Riaz accountable, the Pakistani government is set to coordinate with Dubai authorities to take action regarding his assets. The spokesperson emphasized NAB’s dedication to raising awareness among the public about those exploiting illegal housing societies for personal gain.
NAB’s Ongoing Efforts
NAB has already seized multiple Bahria Town assets in Pakistan and continues to pursue its efforts to hold Malik Riaz accountable for alleged fraud and corruption. The bureau urges citizens to exercise caution when investing in projects that might be involved in fraudulent schemes.
