Karachi: The National Accountability Bureau (NAB) has taken possession of Karachi’s Bahria Icon Tower after an accountability court upheld the provisional attachment of the property in an ongoing money laundering case involving property developer Malik Riaz.
Following an order issued by the Rawalpindi Accountability Court on July 3, NAB took physical control of the tower, estimated to be worth 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 other individuals 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 completing its investigation. The court subsequently upheld the attachment.
NAB stated that the action is part of its broader efforts to trace, freeze, and recover assets allegedly linked to money laundering and financial crimes.
The development follows a series of legal proceedings 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 other individuals in connection with the Bahria Town Karachi land case. Later the same month, the court also ordered a 15-day freeze on Bahria Town properties across Pakistan.
According to NAB, investigators believe that 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. The bureau has also attached Bahria Town Tower on Karachi’s Tariq Road, alleging that the property was registered in the name of Muhammad Awais, whom NAB identifies as a benami frontman for Malik Riaz and Bahria Town.
NAB had earlier filed a corruption 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 pending before the accountability court.
