Bahria Town residents’ properties are safe, says NAB

ISLAMABAD: The National Accountability Bureau (NAB) has assured that the properties of Bahria Town residents and owners are completely safe.

According to NAB, certain elements are spreading baseless news as part of a conspiracy to buy property at low prices.

NAB stated that residents and owners are also among the victims of fraud, and their rights will be fully protected.

Residents not target, only financial criminals in Bahria Town: Tarar

The ongoing actions are limited to Bahria Town’s owners, and the process will continue without any pressure until the recovery of looted funds.

The spokesperson urged residents and owners not to pay attention to any misleading or malicious information.

As the National Accountability Bureau (NAB) began auctioning properties of business tycoon Malik Riaz, residents, property dealers and investors in Pakistan’s largest private housing scheme, Bahria Town, face growing uncertainty.

NAB auctions Malik Riaz’s properties worth billions

Several Bahria Town projects across Pakistan are now surrounded by uncertainty, causing alarm among millions of residents and investors, both local and overseas.

In recent weeks, Pakistan’s property market has witnessed an unusual and steep decline. Plots and files that were trading for millions just weeks ago are now rapidly losing value.

The situation has become so dire that the market is flooded with sellers, while buyers have nearly disappeared.

Malik Riaz is a proclaimed offender in the Al-Qadir Trust case involving former prime minister Imran Khan, accused of receiving land in exchange for legalising £190 million returned to Pakistan by UK authorities. In January, an accountability court ordered the freezing of Riaz’s and his son Ahmed Ali Riaz’s properties.

In 2020, NAB approved a Rs9.05 billion plea bargain in six cases against Riaz’s son-in-law Zain Malik, who later defaulted. Properties pledged as collateral are now being auctioned.