- warned that investing in the project would amount to money laundering.
Islamabad: The National Accountability Bureau (NAB) on Tuesday warned the public against investing in Bahria Town, Dubai, stressing that the government is approaching the UAE for the extradition of property tycoon Malik Riaz.
“Mr. Malik Riaz, who currently resides in Dubai, UAE, has recently launched a project for the construction of luxury apartments in Dubai, UAE and the general public is advised to invest in the said project. Avoid investing. If common people invest in this scheme in large scale, their actions will amount to money laundering, for which they may face criminal/legal action”, Anti-corruption The watchdog of Radio Pakistan on Tuesday said in a press release issued by
It added: “The Government of Pakistan is contacting the Government of the United Arab Emirates for the extradition of Malik Riaz through legal means.”
The development comes after the conviction of PTI founder Imran Khan and his wife in the Al-Qadri Trust case, in which Riaz and his son are co-accused and have been declared admirals.
NAB said that he was absconding in the Al-Qadir Trust case at the time and the court had frozen his and Bahria Town’s countless assets.
The watchdog said it is conducting an inquiry and investigation against the owner of Bahria Town and his associates for “fraud, deception and cheating the public on a large scale”.
It said that it had concrete and corroborated information about the fact that Malik Riaz and his accomplices were not only illegally occupying government land but also in Karachi, Takhtpari, Rawalpindi and New Murree. I have also occupied the lands of private individuals.
“He is using these lands for development of housing societies without obtaining mandatory/required regulatory permissions/no-objection certificates and has committed massive fraud of billions of rupees to the state and common people.”
The NAB alleged that the property tycoon was involved in a “dual manner” by “illegally occupying/occupying lands” in the name of Bahria Town in other cities including Peshawar and Jamshoro and failing to obtain the same mandatory regulatory permits and legalities. “Building housing societies. Documents
It added that they “continue to cheat the public on a large scale by selling plots/files in these illegal housing societies” even though neither they nor Bahria Town own “any land in these illegal housing societies”. is not a “good/clear title”.
In May last year, the property tycoon complained in a non-exclusive confidential post that he was under “pressure” to take a political side and faced financial loss, but he described it as a “pawn for political purposes”. Determined not to be used.
