National Accountability Bureau Takes Action Against Bahria Town Founder Malik Riaz
Properties seized and bank accounts frozen as investigations into corruption allegations intensify.
In a significant move impacting the real estate sector in Pakistan, the National Accountability Bureau (NAB) has announced the sealing of numerous commercial and residential properties linked to property tycoon Malik Riaz, the owner of Bahria Town.
This action is part of ongoing investigations into allegations of corruption, financial mismanagement, and land fraud associated with his real estate ventures.
On March 18, 2025, NAB revealed that it had sealed a variety of properties across several cities, including Islamabad, Lahore, and Karachi, as part of its commitment to protect the rights of citizens allegedly affected by fraudulent transactions.
The anti-graft agency also stated that hundreds of bank accounts belonging to Riaz and his associates have been frozen, and several vehicles linked to Bahria Town have been seized.
NAB officials indicated that the investigation centers on claims of illegal land occupancy, establishment of housing societies without the required permissions, and numerous allegations of financial fraud, which could involve billions of rupees in misappropriated funds.
The agency stated that it possesses substantial evidence showing that funds have been transferred overseas to support Malik Riaz’s business operations.
The properties affected include multi-story commercial and residential buildings located in prominent areas such as Golf City in Islamabad, New Murree, and Takt Padi.
The announcement has garnered the attention of overseas Pakistani investors, many of whom have invested significantly in Bahria Town developments due to their perceived high standards of living.
In a public statement, NAB reaffirmed its investigation into Malik Riaz and others associated with Bahria Town, emphasizing that multiple references have been lodged in accountability courts located in Karachi and Islamabad.
The agency stated that the courts have issued summons for the individuals involved to appear in connection with these allegations.
Malik Riaz, a notable figure in Pakistan's real estate market, has consistently denied any wrongdoing, asserting that the allegations against him are unfounded.
Nevertheless, NAB maintains that its actions are backed by irrefutable evidence and aim to uphold accountability within the sector.
This action is part of ongoing investigations into allegations of corruption, financial mismanagement, and land fraud associated with his real estate ventures.
On March 18, 2025, NAB revealed that it had sealed a variety of properties across several cities, including Islamabad, Lahore, and Karachi, as part of its commitment to protect the rights of citizens allegedly affected by fraudulent transactions.
The anti-graft agency also stated that hundreds of bank accounts belonging to Riaz and his associates have been frozen, and several vehicles linked to Bahria Town have been seized.
NAB officials indicated that the investigation centers on claims of illegal land occupancy, establishment of housing societies without the required permissions, and numerous allegations of financial fraud, which could involve billions of rupees in misappropriated funds.
The agency stated that it possesses substantial evidence showing that funds have been transferred overseas to support Malik Riaz’s business operations.
The properties affected include multi-story commercial and residential buildings located in prominent areas such as Golf City in Islamabad, New Murree, and Takt Padi.
The announcement has garnered the attention of overseas Pakistani investors, many of whom have invested significantly in Bahria Town developments due to their perceived high standards of living.
In a public statement, NAB reaffirmed its investigation into Malik Riaz and others associated with Bahria Town, emphasizing that multiple references have been lodged in accountability courts located in Karachi and Islamabad.
The agency stated that the courts have issued summons for the individuals involved to appear in connection with these allegations.
Malik Riaz, a notable figure in Pakistan's real estate market, has consistently denied any wrongdoing, asserting that the allegations against him are unfounded.
Nevertheless, NAB maintains that its actions are backed by irrefutable evidence and aim to uphold accountability within the sector.
Translation:
Translated by AI
