Dubai-based property tycoon Malik Riaz expressed his frustration with the National Accountability Bureau (NAB) over a recent notice cautioning the public against investing in Bahria Town’s Dubai project. In a fiery statement on social media platform X, Riaz accused NAB of using blackmail tactics to coerce him into providing false testimony.
“Doing business in Pakistan is not easy,” the real estate magnate remarked, adding, “I am restraining myself, but I am sitting with a storm in my heart. If this dam breaks, then everyone’s facade will be shattered. Don’t forget that all the secrets of the last 25, 30 years are safe with evidence.”
Riaz highlighted his vision for elevating Pakistan’s global brand through BT Properties in Dubai, crediting Dubai’s success to the leadership of Sheikh Mohammed bin Rashid Al Maktoum and the absence of institutions like NAB. “Blackmail won’t work,” he asserted, reiterating his commitment to standing firm against pressure.
NAB Warns Public Against Bahria Town Dubai
On Tuesday, NAB issued a press release warning the public against investing in Bahria Town’s Dubai project, labeling such actions as money laundering and cautioning potential investors about facing legal consequences. The bureau stated it is actively working with UAE authorities to bring Riaz back to Pakistan through legal channels.
The statement read:
“Mr. Malik Riaz is residing in Dubai, UAE. He has recently launched a project for the construction of luxury apartments in Dubai. The general public is hereby advised and warned to refrain from investing in the stated project. If the general public invests in the stated project, their actions would tantamount to money laundering, for which they may face criminal/legal proceedings.”
Legal Troubles Mount for Malik Riaz
Malik Riaz and his son were declared absconders in the Al-Qadir Trust case, where former Prime Minister Imran Khan and his wife, Bushra Bibi, were recently handed prison sentences and heavy fines. The case has sparked widespread demands for accountability, with growing calls for Riaz to face trial.
NAB has frozen several assets tied to Riaz, including his Bahria Town developments. The anti-corruption body accuses him of amassing wealth through fraudulent means and deceiving the public. “He is using these lands for developing housing societies without obtaining mandatory regulatory permissions or no-objection certificates,” NAB alleged, estimating the financial fraud to be worth billions.
Resistance Against Political Pressures
Riaz has consistently claimed that he is being targeted for resisting political agendas. He noted that his defiance has led to significant financial losses but vowed not to succumb to what he called “blackmail tactics.”
As the controversy unfolds, questions surrounding accountability and transparency in Pakistan’s property sector continue to escalate.
