- Warns investment in this project would tantamount to money laundering
ISLAMABAD: The National Accountability Bureau (NAB) on Tuesday cautioned the public against investment in Bahria Town Dubai, emphasizing the government was reaching out to the United Arab Emirates to seek property tycoon Malik Riaz’s extradition.
“Mr Malik Riaz, currently residing in Dubai, UAE, has recently launched a project for the construction of luxury apartments in Dubai, UAE and the general public at large is hereby advised to refrain from investing in the stated project. If the general public at large invests in this project, their actions would tantamount to money laundering, for which they may face criminal/ legal proceedings”, the anti-corruption watchdog said in a press release carried by Radio Pakistan on Tuesday.
It added: “The government of Pakistan is reaching out to the government of UAE for the extradition of Malik Riaz through legal channels.”
The development follows the conviction of PTI founder Imran Khan and his wife in the Al-Qadir Trust case, in which Riaz and his son are co-accused and have been proclaimed offenders.
The NAB recounted that he was currently an absconder in the Al-Qadir Trust case and wanted by the court with the watchdog already having frozen innumerable assets of his and Bahria Town.
The watchdog said it was conducting inquiries and investigations against the Bahria Town owner and his associates for “fraud, deceptive practices and cheating public at large”.
It said it had “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-Pari, 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.”
NAB alleged that the property tycoon was developing housing societies under the name of Bahria Town “in a duplicitous manner” in other cities, including Peshawar and Jamshoro, by “illegally possessing/occupying land” and failing to procure the same mandatory regulatory permissions and legal documents.
It added that he continued to “defraud the general public at large by selling them plots/files in these illegal housing societies” despite neither he nor Bahria Town having a “good/clear title” to any of the lands in “these illegal housing societies”.
Last year in May, the property tycoon had complained in an uncharacteristic cryptic post that he was facing “pressure” to take a political side and was facing financial losses, but vowed not to be used as a “pawn for political motives”.
