NAB Takes Control of Rs. 100 Billion Bahria Icon Tower

The National Accountability Bureau (NAB) has taken control of Karachi’s Bahria Icon Tower after an accountability court upheld the provisional attachment of the property, marking a significant development in the bureau’s money laundering investigation involving property developer Malik Riaz.

Following the Rawalpindi accountability court’s order issued on July 3, NAB took physical possession of the tower, valued at around Rs. 100 billion, before handing over its custody and management to the local administration in accordance with legal procedures.

According to NAB, its investigation into M/s Galaxy Construction Private Limited and others found that the land acquisition and construction of the high rise project were allegedly financed using proceeds of crime. The bureau provisionally attached the property under Section 8 of the Anti Money Laundering Act, 2010, and later sought confirmation from the accountability court after collecting additional evidence. The court subsequently upheld the attachment.

NAB said the move is part of its ongoing efforts to identify, restrain, and recover assets allegedly linked to money laundering and other financial crimes.

The takeover follows a series of legal actions against Malik Riaz and Bahria Town in recent months. In June, an accountability court issued non bailable arrest warrants for Malik Riaz, his son, and several others in the Bahria Town Karachi land case. Later that month, the court also ordered a 15 day freeze on Bahria Town properties across Pakistan.

According to the bureau, investigators believe approximately Rs. 8 billion in alleged proceeds of crime was invested in the construction of Bahria Icon Tower through M/s Galaxy Construction Private Limited. NAB has also attached Bahria Town Tower on Karachi’s Tariq Road, alleging that the property was held in the name of Muhammad Awais, whom it identified as a benami frontman for Malik Riaz and Bahria Town.

The bureau had previously filed a reference against Malik Riaz and other accused in 2020, alleging the illegal allotment of the land on which Bahria Icon Tower was constructed. The case remains under judicial proceedings.