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 in a money laundering case involving property tycoon Malik Riaz.
According to NAB, the Rawalpindi accountability court issued its order on July 3, after which the bureau took physical possession of the tower, estimated to be worth around Rs100 billion. Custody and management of the property were later handed over to the local administration in line with legal requirements.
NAB said its investigation into M/s Galaxy Construction Private Limited and other parties found that the land acquisition and construction of the high-rise project were allegedly financed through proceeds of crime. The bureau had provisionally attached the property under Section 8 of the Anti-Money Laundering Act, 2010, and later approached the accountability court for confirmation after gathering further evidence. The court subsequently upheld the attachment.
The bureau said the latest action forms part of its broader efforts to trace, restrain, and recover assets allegedly linked to money laundering and other financial crimes.
The takeover comes amid a series of legal developments 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 others in the Bahria Town Karachi land case. Later in the same month, the court also ordered a 15-day freeze on Bahria Town properties across the country.
According to NAB, investigators believe nearly 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 located on Karachi’s Tariq Road. NAB alleged that the property was held in the name of Muhammad Awais, whom it described as a benami frontman for Malik Riaz and Bahria Town.
NAB had earlier filed a reference in 2020 against Malik Riaz and other accused, alleging the illegal allotment of the land on which Bahria Icon Tower was built. The case is still under judicial proceedings.
