The National Accountability Bureau has taken control of Karachi’s Bahria Icon Tower following legal action. NAB Bahria Icon Tower now remains under government custody after an accountability court upheld the provisional attachment. The property, valued at around Rs. 100 billion, represents a significant asset in NAB’s money laundering investigation. The case involves property developer Malik Riaz. Therefore, the seizure marks a major development in the bureau’s ongoing efforts.
Following the Rawalpindi accountability court’s order issued on July 3, NAB took physical possession of the tower. Subsequently, officials handed over custody and management to the local administration. The transfer occurred in accordance with legal procedures. Therefore, the NAB Bahria Icon Tower seizure proceeded through proper channels.
According to NAB, its investigation into M/s Galaxy Construction Private Limited uncovered concerning findings. Officials alleged that land acquisition and construction financing used proceeds of crime. The bureau provisionally attached the property under Section 8 of the Anti Money Laundering Act, 2010. Furthermore, NAB later sought court confirmation after collecting additional evidence. The accountability court subsequently upheld the attachment decision.
NAB said the move is part of ongoing efforts to identify and restrain assets. The bureau aims to recover property allegedly linked to money laundering and financial crimes. Therefore, the seizure reflects NAB’s commitment to combating financial corruption.
The takeover follows multiple legal actions against Malik Riaz and Bahria Town. In June, an accountability court issued non-bailable arrest warrants for Malik Riaz and his son. Additionally, several others faced warrants in the Bahria Town Karachi land case. Later that month, the court ordered a 15-day freeze on Bahria Town properties across Pakistan. So legal pressure on the developer mounted significantly.
According to NAB, investigators believe approximately Rs. 8 billion in alleged proceeds of crime was invested in construction. This investment supposedly occurred through M/s Galaxy Construction Private Limited. NAB has also attached Bahria Town Tower on Karachi’s Tariq Road. The bureau alleges the property was held in Muhammad Awais’s name. Additionally, NAB identified Awais as a benami frontman for Malik Riaz and Bahria Town.
The bureau had previously filed a reference against Malik Riaz in 2020. Officials alleged illegal allotment of the land on which Bahria Icon Tower was constructed. The case remains under judicial proceedings. Therefore, additional charges may emerge. Finally, the NAB Bahria Icon Tower seizure demonstrates the bureau’s determination to pursue high-profile corruption cases.
