NAB cautions public against investing in Malik Riaz’s Dubai project

The National Accountability Bureau (NAB) warned the public against investing in a new luxury real estate project launched by Bahria Town in Dubai.

NAB emphasised that such investments could be linked to money laundering and may lead to legal consequences.

The bureau also confirmed that the Pakistani government is actively seeking the extradition of Malik Riaz, the property tycoon behind Bahria Town, from the UAE through legal processes.

Riaz, who is a fugitive in the ongoing Al-Qadir Trust case, has been accused of fraud and illegal land acquisition in various Pakistani cities, including Karachi, Rawalpindi, and Peshawar.

In its press release, NAB detailed ongoing investigations into Riaz and his associates for deceptive practices, including the illegal occupation of land and the development of unapproved housing societies under the Bahria Town name.

The bureau has frozen several assets linked to Riaz and Bahria Town and is warning the public about the potential risks of engaging with these illegal projects.