Pakistan
NAB assures Bahria Town residents their properties are safe
The National Accountability Bureau (NAB) on Monday assured residents and owners of Bahria Town that their properties are “completely safe” amid growing unease over the bureau’s ongoing actions against the housing scheme’s owner, Malik Riaz.
In a statement, NAB said certain elements were spreading “baseless and misleading” information as part of a conspiracy to purchase property at reduced prices.
The bureau stressed that residents and owners were themselves among the victims of fraud and that their rights would be “fully protected”.
The spokesperson clarified that ongoing proceedings were confined to Bahria Town’s owners and would continue without any pressure until recovery of “looted funds”.
Residents and owners were urged not to pay heed to rumours or malicious campaigns.
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The statement comes as NAB begins auctioning properties belonging to Mr Riaz, a proclaimed offender in the Al-Qadir Trust case involving former prime minister Imran Khan.
In January, an accountability court froze the assets of Mr Riaz and his son Ahmed Ali Riaz.
Market watchers say the uncertainty surrounding Bahria Town has rattled Pakistan’s property sector.
Several projects nationwide face stalled transactions, with plot values tumbling sharply in recent weeks. Sellers now far outnumber buyers, leaving the market in a steep decline.
In 2020, NAB approved a Rs9.05 billion plea bargain in six cases against Mr Riaz’s son-in-law, Zain Malik, who later defaulted. Properties pledged as collateral are now under auction.
