ISLAMABAD – Bahria Town, one of leading real estate property giants in Pakistan, faced another blow as National Accountability Bureau (NAB) launched sweeping freeze.
National Accountability Bureau (NAB) issued two weeks freezing order on hundreds of properties across Pakistan, including assets owned by Malik Riaz’s son and Bahria Town Pvt Ltd, as part of an ongoing probe into alleged illegal land seizures.
As per available information, more than 450 immovable properties linked to several individuals and entities, including five Bahria Town properties in DHA Rawalpindi, 20 properties in Islamabad owned by Bahria Town and Ahmed Ali Riaz, and two properties belonging to Riaz’s son-in-law, Zain Malik.
Malik Riaz and sons are being accused unlawfully acquiring nearly 17000 acres of government land in Karachi’s Malir District, violating anti-corruption laws under the National Accountability Ordinance.
While the freeze is set for 15 days, it will remain in effect until the accountability court rules on the matter, following the Supreme Court’s directive in 2019.
This development adds to previous actions against Malik Riaz, who remains an absconder in the £190 million Al Qadir Trust case.
In previous months, NAB warned public against investing in Bahria Town’s new luxury apartment project in UAE. Officials said any investment in this project could be considered money laundering, potentially leading to legal action.
Officials revealed ongoing investigations into Malik Riaz and his associates for alleged fraud, deceptive practices, and illegal occupation of state and private lands in cities including Karachi, Rawalpindi, Takht-Pari, and New Murree. The agency claims that these lands have been developed into housing societies without proper regulatory approvals, resulting in massive losses to the state and public.
The watchdog also accused Malik Riaz of continuing similar illegal activities in other cities like Peshawar and Jamshoro under the Bahria Town banner, selling plots without possessing legal ownership, thus defrauding buyers.
Defiant Malik Riaz refuses to testify amidst growing pressure in £190 million case
