Malik Riaz Embroiled in Corruption Probe
NAB's investigation into Bahria Town has shed light on the alleged corrupt practices of the real estate group, with hundreds of bank accounts and vehicles frozen, and several properties sealed. The case highlights the need for greater transparency and accountability in the real estate sector, and the importance of protecting consumers from fraudulent activities.
The National Accountability Bureau (NAB) has taken drastic action against Bahria Town, freezing hundreds of bank accounts, seizing vehicles and properties, and sealing several multi-storey buildings in multiple cities, amidst an ongoing investigation into allegations of financial mismanagement, land fraud, and money laundering against the real estate group.
The investigation has uncovered evidence of funds being transferred abroad to finance Malik Riaz's Dubai-based real estate ventures, which could be considered money laundering if proven. NAB is also cracking down on fugitive suspects linked to Bahria Town's financial dealings, with efforts to bring them back to face legal proceedings in Pakistan. The properties sealed by NAB include multi-story commercial buildings in Karachi, Lahore, Takht Pari, New Murree/Golf City, and Islamabad.
Malik Riaz, the founder of Bahria Town, has denied allegations of wrongdoing, but NAB maintains that its investigations are based on solid evidence. The allegations against Riaz include illegally occupying government and private land, establishing housing societies without permission, and defrauding people of billions of rupees. NAB has also accused Riaz of money laundering and has evidence that certain individuals from Pakistan are aiding him in transferring money to Dubai for investment in a new project.
The anti-corruption watchdog has warned the public to avoid any attractive inducements from Bahria Town and to protect their hard-earned savings. The case is ongoing, with NAB determined to bring those responsible to justice. The outcome of the investigation and subsequent court proceedings will be closely watched, as it has significant implications for the real estate sector and the broader economy.