NAB Warns Against Investing in Bahria Town Dubai
The National Accountability Bureau (NAB) has issued a cautionary statement urging the public to refrain from investing in Bahria Town Dubai. The bureau claims the project may involve money laundering activities and warns potential investors of facing legal consequences.
Illegal Land Possession Allegations
NAB stated that Malik Riaz, the owner of Bahria Town, and his associates have illegally occupied public and private land to develop various housing schemes. These projects, including Bahria Town Karachi, Rawalpindi, and New Murree, were reportedly built without obtaining proper regulatory permissions or no-objection certificates (NOCs). The bureau has frozen several assets belonging to Malik Riaz and Bahria Town as part of its investigations.
Extradition Efforts
Malik Riaz, currently residing in the UAE, faces extradition efforts by the Pakistani government. NAB confirmed that the government has contacted the UAE authorities to bring him back to face legal proceedings. Although Pakistan and the UAE have an extradition treaty, NAB spokespersons remain uncertain whether red warrants or Interpol’s assistance will be used.
Fraud and Deceptive Practices
The accountability watchdog is conducting investigations against Malik Riaz and his network for allegations of fraud, cheating, and deceptive practices. NAB claims Riaz has illegally possessed land in Karachi, Rawalpindi, Takht-Parri, and other cities to build unauthorized housing societies, resulting in financial fraud worth billions of rupees.
The Al-Qadir Trust Case
The case against Malik Riaz is intertwined with the Al-Qadir Trust corruption scandal, which also led to the conviction of former Prime Minister Imran Khan. According to NAB, Khan’s government approved the return of £190 million, seized by the UK’s National Crime Agency (NCA), to Malik Riaz in 2019. In exchange, Khan and his wife, Bushra Bibi, allegedly received billions of rupees and large tracts of land. Riaz’s son also transferred 240 kanals of land to Farhat Shahzadi, while Zulfi Bukhari received land under a non-existent trust.
Bahria Town Dubai Under Scrutiny
NAB’s statement highlighted Malik Riaz’s plans to develop Bahria Town Dubai, a luxury housing project, warning that investments in the project could be deemed money laundering. The bureau advised the public to avoid financial transactions with Bahria Town Dubai to prevent potential legal repercussions.
Summary of NAB’s Allegations:
- Illegal occupation of state-owned and private lands.
- Development of unauthorized housing projects in cities like Karachi, Rawalpindi, and Peshawar.
- Lack of mandatory regulatory permissions and NOCs.
- Fraud and misrepresentation to the public.
- Links to the Al-Qadir Trust scandal involving misappropriation of £190 million.
Conclusion
As the investigation unfolds, NAB aims to tighten its grip on Malik Riaz’s financial and real estate empire. The bureau continues its efforts to bring him back to Pakistan through legal channels to face charges of corruption, fraud, and money laundering.
