Malik Riaz’s Assets Frozen, Citizens Urged to Avoid Investment

Malik Riaz’s Assets Frozen, Citizens Urged to Avoid Investment

Pakistan’s National Accountability Bureau (NAB) has taken action against Bahria Town owner Malik Riaz and his company by sealing multiple residential and commercial properties in Karachi, Lahore, Takht Pari, New Murree, and Islamabad. NAB has warned the public to avoid investing in any Bahria Town projects.

Court Proceedings and Absconding Accused

On Tuesday, an accountability court in Rawalpindi held an initial hearing regarding alleged illegal properties of Bahria Town. The court had summoned Malik Riaz, his son Ali Riaz, and former Punjab Chief Minister Pervaiz Elahi. However, none of the accused appeared in court. Judge Akmal Khan postponed the hearing until March 20.

According to NAB’s statement, efforts are being made in collaboration with other government agencies to bring the absconding suspects back to Pakistan and ensure justice.

Which Bahria Town Properties Have Been Sealed?

NAB has stated that notices have been placed on multiple properties in Bahria Town Phase 8, Rawalpindi. The district administration claims that these properties were originally part of the Takht Pari forestland. Similarly, several commercial and residential buildings in Karachi, Lahore, New Murree (Golf City), and Islamabad have also been sealed.

NAB’s Stance

NAB claims that Malik Riaz and his associates are involved in illegally occupying both public and private lands in Karachi, Takht Pari Rawalpindi, and New Murree, establishing unauthorized housing societies, and defrauding the public of billions of rupees. NAB says it has undeniable evidence to support these allegations.

In addition, NAB reports that Malik Riaz recently launched a new luxury apartment project in Dubai, and some individuals are transferring funds from Pakistan to invest in this project illegally.

NAB says it has undeniable evidence to support these allegations. In addition, NAB reports that Malik Riaz recently launched a new luxury apartment project in Dubai, and some individuals are transferring funds from Pakistan to invest in this project illegally. NAB warned that any funds transferred to this end will be considered money laundering, and legal actions will be taken against those involved. Concerns about property experts with ordinary citizens, Ahsan Malik criticized NAB’s actions, arguing that if Malik Riaz has committed an illegal activity, he must be held responsible rather than punishing innocent buyers.

He suggested that the government should formulate a plan to protect affected property buyers. He proposed that government revenue officers be stationed at Bahria Town offices to ensure transparency in property dealings.

Difficulties Faced by Bahria Town Residents

In Karachi, the Sindh Water Board has disconnected Bahria Town’s water supply, citing outstanding dues of PKR 14 billion. Ahsan Malik argues that the Sindh Water Board should recover these dues directly from Malik Riaz rather than punishing ordinary citizens.

Possible Solutions and Actions

Experts suggest that if Malik Riaz does not return to Pakistan, the management of Bahria Town projects should be handed over to the relevant city commissioners and development authorities.

According to real estate expert Dr. Shafiq ur Rehman, NAB and FIA’s actions are damaging Bahria Town’s reputation, which could significantly reduce the market value of properties owned by ordinary citizens.