NAB action against property tycoon, properties sealed

Dubai: In a new developed which concerns overseas Pakistanis as well, property tycoon Malik Riaz is facing serious action including freezing of bank accounts and sealing of properties linked to its Bahria Town projects in different cities of Pakistan.

The National Accountability Bureau (NAB) on Monday said it had sealed “numerous” commercial and residential properties of property tycoon Malik Riaz across the country over corruption cases filed against him.

The NAB said it has frozen hundreds of bank accounts and seized vehicles and properties linked to Bahria Town across multiple cities, including Karachi, Lahore, and Islamabad.

Living standards

According to a statement issued by NAB, the anti-graft watchdog has sealed multistorey residential and commercial properties in Golf City, Islamabad, New Murree, and Takt Padi, citing legal action to protect the rights of citizens affected by alleged fraudulent transactions.

Overseas Pakistanis have been heavily investing in Bahria Town housing projects due to its high quality of living standards.

The NAB officials revealed that several cases of financial mismanagement, land fraud, and money laundering are under investigation against Bahria Town Pakistan. Authorities claim to have gathered substantial evidence indicating that funds are being transferred abroad to finance Malik Riaz’s real estate ventures, according to APP, Pakistan’s official news agency.

Malik Riaz, a prominent figure in Pakistan’s real estate sector, has long denied allegations of wrongdoing, but NAB maintains that its investigations are based on solid evidence.

Cases against Riaz

In a press release issued today, NAB said it “once again informs the public that several cases of fraud and deception against Malik Riaz Ahmed, owner of Bahria Town, and others are currently under investigation”. It further said it had also filed several references against Riaz and others in accountability courts in Karachi and Islamabad, and the courts have summoned them all.

“In these cases, there are allegations and irrefutable evidence against Malik Riaz Ahmed and his associates for illegally occupying not only the government but also private land in the name of Bahria Town in Karachi, Takht Pari Rawalpindi, and New Murree, establishing housing societies without permission, and defrauding people of billions of rupees.

“In recent actions related to this, numerous commercial and residential properties of Bahria Town in Karachi, Lahore, Takht Pari, New Murree/Golf City, and Islamabad have been sealed, including multi-story commercial buildings,” NAB stated.