The National Accountability Bureau (NAB) Sindh has frozen numerous term deposit receipts (TDRs) associated with Bahria Town Karachi in various banks as part of an ongoing investigation into the real estate giant’s financial dealings.
According to NAB Sindh, Director General NAB Karachi, Javed Akbar Riaz, issued formal orders to freeze a total of 655 TDRs. These deposits, held under Bahria Town and an individual’s name, are reportedly valued at billions of rupees.
This action represents a significant step in the probe against Bahria Town Karachi, which has faced multiple allegations related to financial irregularities. Freezing these term deposits aims to prevent any potential movement of funds that could obstruct the investigation. Officials believe these financial assets may be linked to suspicious transactions, warranting further scrutiny.
The investigation into Bahria Town Karachi is part of a broader effort by NAB to tighten accountability measures within Pakistan’s real estate and banking sectors. Bahria Town has been a focal point in previous inquiries concerning land acquisition, financial transparency, and regulatory compliance. The freezing of assets suggests authorities are intensifying efforts to trace potential misappropriation of funds.
While NAB has not disclosed specific details regarding the nature of the investigation, sources indicate that authorities are reviewing financial records to determine whether these deposits were acquired through legitimate means. The probe is expected to involve further examination of transactions, bank statements, and potential links to money laundering activities.
Bahria Town Karachi, one of Pakistan’s largest real estate developments, has been subject to legal scrutiny over the years. Despite its prominence in the housing and commercial property market, questions regarding its financial operations continue to surface.
Authorities have assured that legal proceedings will follow due process, and any irregularities uncovered during the investigation will be addressed in accordance with the law.
