National Accountability Bureau (NAB) has announced plans to seize more assets belonging to property tycoon Malik Riaz, who is currently residing in Dubai as a fugitive from justice.
According to a NAB spokesperson, Malik Riaz defrauded people of billions of rupees by establishing illegal housing societies in Karachi, Rawalpindi, New Murree, Peshawar, and Jamshoro without obtaining the required No Objection Certificates (NOCs). Numerous cases of fraud and land-grabbing are under investigation against Malik Riaz and his associates.
Illegal Land Grabs and Housing Schemes
The NAB spokesperson stated that Malik Riaz occupied land in the name of Bahria Town in multiple cities and continues to collect large sums of money from unsuspecting investors through fraudulent schemes. “Malik Riaz is a fugitive in the NCA case and is wanted by both the courts and NAB,” the spokesperson said.
While in Dubai, Malik Riaz has reportedly launched a luxury apartment project, which NAB has warned could involve money laundering. The public has been advised to avoid investing in this project as investors may face legal consequences.
Government Coordination with Dubai Authorities
The spokesperson further stated that the government plans to coordinate with the Dubai authorities to take appropriate action against Malik Riaz and determine the future course of action regarding his assets.
“NAB is committed to making the public aware of those who are looting in the name of illegal housing societies,” the spokesperson emphasized, urging citizens to exercise caution while investing in such projects.
NAB has already seized numerous Bahria Town assets within Pakistan and remains steadfast in its efforts to hold Malik Riaz accountable for alleged fraud and corruption.
