CALGARY — A prominent Calgary real estate developer was shot Monday morning outside his home in what police believe was a targeted attack.
Riaz Mamdani, founder and chief executive of Strategic Group, was confirmed as the victim by a company spokeswoman who said he was in stable condition.
"Strategic Group's condolences are with the Mamdani family at this time," said Lisa Maragh.
Police were called to the wealthy Mount Royal neighbourhood a little after 8 a.m. and found Mamdani in critical condition inside his late model Mercedes.
"By the nature of this attack it is believed to be targeted. But an exact motive is not known at this time," said Staff Sgt. Travis Baker.
A short time later, a vehicle fire was reported a few blocks away. Baker said it isn't known if the two incidents are related but, considering the timing, it's likely.
Mamdani was conscious and talking to police investigators Monday afternoon.
Baker said police were looking for help from the public to locate a male suspect wearing an orange coat who was spotted in the area.
"It's a fairly quiet neighbourhood down there, so we would hope that people recognize their neighbours and know who should and should not be in the neighbourhood," Baker said.
"Obviously, this person appears to be someone who should not be in the neighbourhood."
Police said they were exploring potential motives for the shooting, including whether it was business related.
Strategic Group has a range of commercial and residential developments in Alberta, British Columbia, Nova Scotia and New Brunswick.
Mamdani and the Strategic Group are listed as defendants as part of a class-action lawsuit against Platinum Equities Inc. that alleges thousands of people lost an estimated $200 million in real estate investments between 2002 and 2012.
