NAB takes control of Rs100bn Bahria Icon tower

The National Accountability Bureau (NAB) has taken control of Karachi's Bahria Icon Tower after an accountability court confirmed the

The National Accountability Bureau (NAB) has taken control of Karachi’s Bahria Icon Tower after an accountability court confirmed the provisional attachment of the property in an ongoing money laundering case involving property developer Malik Riaz.

The action was carried out after the Accountability Court in Rawalpindi upheld NAB’s attachment order under the Anti-Money Laundering Act, 2010. The bureau said its investigation found evidence linking the construction of the landmark building and the acquisition of its land to alleged proceeds of crime.

According to NAB, the inquiry was conducted against M/s Galaxy Construction Private Limited and other individuals. Investigators alleged that funds generated through illegal activities were used to finance the construction of the Bahria Icon Tower, making the property subject to attachment under anti-money laundering laws.

After examining the evidence, the accountability court confirmed the attachment order on July 3, allowing NAB to take physical possession of the building. Officials said the tower has an estimated value of around Rs100 billion.

Following the court’s decision, NAB handed over the custody and management of the property to the local administration in accordance with legal procedures.

The bureau described the development as a major milestone in its campaign against money laundering and financial crimes. It said the action reflects its commitment to tracing illicit assets, strengthening financial investigations, and recovering properties allegedly acquired through illegal means.

The latest move comes amid a series of legal actions against Malik Riaz and Bahria Town.

Last month, an accountability court issued non-bailable arrest warrants for Malik Riaz, his son, and several other suspects in the Bahria Town Karachi land case. The court also ordered the freezing of multiple properties linked to the investigation.

Earlier this year, NAB froze several additional high-value Bahria Town properties after obtaining court approval. Malik Riaz is also declared an absconder in the £190 million Al Qadir Trust case.

Investigators alleged that approximately Rs8 billion in suspected proceeds of crime were laundered for the construction of the Bahria Icon Tower through M/s Galaxy Construction Pvt Ltd, which they described as a front company.

NAB further claimed that another Bahria Town commercial project on Karachi’s Tariq Road was registered in the name of an alleged benamidar acting on behalf of Malik Riaz and Bahria Town.

The bureau had also filed a corruption reference in 2020 against Malik Riaz and others, alleging the illegal allotment of the land on which the Bahria Icon Tower was built. The investigation and related legal proceedings are continuing.