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.
The development marks another step in the bureau’s ongoing money laundering investigation involving property developer Malik Riaz.
Following the accountability court’s order issued on July 3, NAB assumed physical possession of the tower before transferring its custody and management to the local administration under the applicable legal procedure.
Court upholds provisional attachment
According to NAB, the Rawalpindi accountability court upheld the provisional attachment of Bahria Icon Tower after reviewing the bureau’s investigation and supporting evidence. The tower is valued at approximately Rs100 billion.
After obtaining the court’s approval, NAB took physical control of the property and later handed over its management to the local administration.
NAB outlines basis of investigation
According to the bureau, its investigation involves M/s Galaxy Construction Private Limited and other parties.
NAB stated that investigators found the land acquisition and construction of the high-rise project were allegedly financed through proceeds of crime.
Consequently, the bureau provisionally attached the property under Section 8 of the Anti Money Laundering Act, 2010.
Later, NAB presented additional evidence before the accountability court. Following the review, the court upheld the provisional attachment.
Bureau says action targets alleged money laundering
NAB said the latest action forms part of its broader efforts to identify, restrain, and recover assets allegedly connected to money laundering and other financial crimes.
According to the bureau, the investigation remains ongoing.
Case follows recent legal proceedings
The latest development comes after several legal actions involving 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 the Bahria Town Karachi land case.
Later the same month, the court also ordered a 15-day freeze on Bahria Town properties across Pakistan.
NAB alleges investment through proceeds of crime
According to NAB, investigators believe approximately Rs8 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. According to NAB, the property was held in the name of Muhammad Awais.
The bureau identified him as an alleged benami frontman for Malik Riaz and Bahria Town.
Judicial proceedings continue
NAB had previously filed a reference against Malik Riaz and other accused in 2020.
According to the bureau, the reference alleges the illegal allotment of the land on which Bahria Icon Tower was constructed. The case remains under judicial proceedings.
