NAB Warns Against Investing in Bahria Town Dubai

The National Accountability Bureau (NAB) issued a public warning on Tuesday, advising against investments in Bahria Town’s newly announced luxury apartment project in Dubai. The watchdog revealed that efforts are underway to extradite Malik Riaz, the property tycoon behind the project, from the United Arab Emirates (UAE) through legal channels. In a statement shared via Radio Pakistan, NAB cautioned, “Malik Riaz, residing in UAE, has recently launched a project for the construction of luxury apartments in Dubai.” It added, “The general public is hereby advised and warned to refrain from investing in the stated project. If the general public invests in the stated project, their actions would be tantamount to money laundering, for which they may face criminal and legal proceedings.” NAB noted that Riaz is an absconder in the Al-Qadir Trust case, with numerous assets tied to him and Bahria Town already frozen. Investigations are ongoing into allegations of fraud, deceptive practices, and public cheating. According to NAB, Riaz and his associates have illegally acquired state-owned and private land in Karachi, Rawalpindi, Takht Pari, and New Murree to develop housing projects without regulatory approvals. Similar illegal activities were identified in Peshawar and Jamshoro. The bureau accused Riaz of selling plots in these unauthorized developments, lacking clear titles, and defrauding buyers of billions of rupees. It reiterated its commitment to pursuing justice in the case.