ISLAMABAD: The National Accountability Bureau (“NAB”) has launched inquiries/investigations against the owner of Bahria Town (Pvt.) Ltd., Malik Riaz and the people associated with him for fraud, deceptive practices and cheating public at large.
According to NAB it is obliged under its mandate to keep people aware about the deceptive and fabricated marketing practices of illegal housing societies who are scamming the general public at large and raking in billions of Rupees.
At the present, NAB is conducting inquiries/investigations against the owner of Bahria Town (Pvt.) Ltd., Mr. Malik Riaz and the people associated with him for fraud, deceptive practices and cheating public at large. NAB possesses cogent and credible information about the fact that Mr. Malik Riaz and his accomplices have not only illegally possessed/occupied State-owned land but also land belonging to private persons situated at Karachi, Takht-Parri, Rawalpindi and New Murree. He is using these lands for developing housing societies without obtaining mandatory/required regulatory permissions/No Objection Certificates and has committed fraud against the State and general public at large to the tune of billions of Rupees.
In a duplicitous manner Malik Riaz has been developing housing societies under the name of Bahria Town (Pvt.) Ltd. in other cities including Peshawer and Jamshoro by illegally possessing/occupying land and failing to procure the same mandatory regulatory permissions and No Objection Certificates as stated earlier. Mr. Malik Riaz continues to defraud the general public at large by selling them plots/files in these illegal housing societies. Neither does Mr. Malik Riaz nor Bahria Town (Pvt.) Ltd. have a good/clear title to any of the lands in these illegal housing societies.
At the moment Mr. Malik Riaz is an absconder in the NCA case and is wanted by Court. NAB has already frozen innumerable assets of Bahria Town (Pvt.) Ltd. and Mr. Malik Riaz.
Malik Riaz is residing in Dubai, United Arab Emirates. He has recently launched a project for the construction of luxury apartments in Dubai, United Arab Emirates. The general public at large is hereby advised and warned to refrain from investing in the stated project. If the general public at large invests in the stated project, their actions would be tantamount to money laundering, for which they may face criminal/ legal proceedings. The Government of Islamic Republic of Pakistan is reaching out to the Government of United Arab Emirates for the extradition of Mr. Malik Riaz through legal channels.
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