In an extensive investigation by The News, recent revelations from the OCCRP’s “Property Leaks” have shed light on a series of high-profile Pakistani property owners in Dubai. These disclosures spotlight several significant figures, raising questions about undisclosed assets and potential misconduct.
Among the most notable is the case of the Interior Minister Mohsin Naqvi’s wife, who reportedly failed to declare a luxurious five-bedroom villa in the Arabian Ranches in her husband’s nomination papers for the Senate elections earlier this year. This property, purchased in August 2017 for AED 4,347,888 (Rs 329 million), generated a rental income of AED 600,000 (Rs 45 million) before being sold in April 2023 for AED 4,550,000 (Rs 344 million).
Moreover, the investigation also highlights the involvement of individuals connected to the notorious Altaf Khanani network, sanctioned by the US for money laundering. His family members, including his son, daughter, brother, and nephew, are listed as owners of several properties in Dubai, with three of them currently facing sanctions.
Another figure of concern is Hamid Mukhtar Shah, a Rawalpindi-based physician sanctioned by the US for his alleged involvement in the illegal detention and removal of kidneys from Pakistani laborers. Shah is listed as the owner of numerous properties in Dubai, raising serious ethical and legal questions.
Despite being sent inquiries, none of the individuals mentioned responded to The News’ requests for comment.
It’s crucial to note that owning property abroad is not inherently illegal. Many individuals acquire international assets through legitimate means such as overseas employment or utilizing taxed income. The legality of such ownership is ultimately determined by the respective tax authorities.
Dubai, a city renowned for its innovation and progress within the Muslim world, continues to attract global investments due to its pro-business environment, advanced infrastructure, and strategic connectivity. However, the city is not immune to exploitation by individuals seeking to misuse systems for personal gain. Dubai remains committed to transparency, legal fairness, and fostering a healthy economic and social environment.
While the OCCRP’s “Property Leaks” highlight a small fraction of Pakistani-owned properties in Dubai, the revelations serve as a reminder of the importance of transparency and accountability in global real estate investments.