The National Accountability Bureau (NAB) issued an advisory for the general public on Tuesday, cautioning them against investing in Bahria Town’s real estate project in Dubai.
In a press release, the corruption watchdog said it was obliged to raise awareness about “deceptive and fabricated” marketing practices of illegal housing societies who are earning billions of rupees through scams. Bahria Town owner Malik Riaz and people associated with him, it said, were being investigated for “fraud, deceptive practices and cheating public at large.”
In support of its assertion, NAB has alleged to possess credible information of Riaz and his accomplices illegally occupying state-owned and private land in Karachi, Takht-Parri, Rawalpindi and New Murree. “He is using these lands for developing housing societies without obtaining mandatory/required regulatory permissions and has committed fraud against the state and general public at large to the tune of billions of rupees,” it alleges.
Riaz, it continues to allege, has used duplicity to develop Bahria Town housing societies in Peshawar and Jamshoro through similar criminal actions. “Malik Riaz continues to defraud the general public at large by selling them plots/files in these illegal housing societies,” it states, adding neither Riaz nor Bahria possess “clear titles” to any land in these illegal housing societies.
Noting that Riaz is an absconder in the £190 million Al-Qadir Trust case, it said he was currently residing in Dubai. “He has recently launched a project for the construction of luxury apartments in Dubai, U.A.E. The general public at large is hereby advised and warned to refrain from investing in the stated project. If the general public at large invests in the stated project, their actions would tantamount to money laundering, for which they may face criminal/legal proceedings,” it states.
The NAB release concludes by noting the Government of Pakistan is reaching out to the Government of the United Arab Emirates for Riaz’s extradition through legal channels.
Riaz responds
In a statement on X, the property tycoon responded to NAB’s allegations, describing the press release as a “deplorable” demand for “blackmail.” He maintained that his decision to “not testify” would not change regardless of however much oppression he suffered. “I want to mention it in clear terms that years of blackmailing, fake cases and greed of officers couldn’t deter me, but due to my principle stance of refusing to be a witness (political pawn), I had to move abroad,” he claimed, adding Bahria Town was a “world-class” brand.
“The secret of Dubai’s development is the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum and the absence of an institution like NAB,” he claimed
“I am resisting, but I am sitting with a storm in my heart. If this breaks, then everyone’s illusion will be put into reality. Let’s not forget that all the secrets of the last 25/30 years are safe with evidence,” he said, hinting at the reasons for the support he has enjoyed from various influential personalities for decades.
“With the determination that our life and death were and will always be for Pakistan, we assure our Pakistani brothers and sisters that we have abided by the laws of every country in the world, including Pakistan, and will always continue to do so,” he said, referring to Bahria Town. “Malik Riaz will neither be used against anyone nor will be blackmailed by any. God willing, the Dubai project will be successful and will become a symbol of Pakistan throughout the world, including Dubai,” he added.
The NAB press release follows the conviction of former Prime Minister Imran Khan and his wife Bushra in the Al-Qadir Trust case. Both Riaz and his son are co-accused and proclaimed offenders in the case. The conviction and sentencing of Khan and his wife had prompted calls to hold accountable all those involved in the case, with Information Minister Attaullah Tarar announcing that efforts were underway to secure the custody of all absconders.
Riaz has repeatedly faced allegations of illegal land acquisition for his real estate projects. In 2019, the Supreme Court had ruled that Bahria Town Karachi owed Rs. 460 billion to the Sindh government for acquisition of land provided by the Malir Development Authority.