The National Accountability Bureau has taken control of Karachi’s Bahria Icon Tower after an accountability court upheld the provisional attachment of the property, marking a major development in an ongoing money laundering investigation linked to property tycoon Malik Riaz.
Following an order issued on July 3 by the Rawalpindi Accountability Court, NAB assumed physical possession of the high-rise, which is estimated to be worth around Rs. 100 billion. The property has since been placed under the custody and administrative control of the local government, in line with legal procedures.
According to NAB officials, investigations into M/s Galaxy Construction Private Limited revealed that the land acquisition and construction of the tower were allegedly financed through proceeds of crime. Based on the findings, the bureau provisionally attached the property under Section 8 of the Anti Money Laundering Act, 2010 and later sought confirmation from the court after gathering further evidence. The court subsequently upheld the attachment.
NAB stated that the action forms part of its broader efforts to identify, restrain, and recover assets believed to be linked to money laundering and financial crimes.
The takeover follows a series of legal actions involving Malik Riaz and Bahria Town. In June, an accountability court issued non-bailable arrest warrants for Malik Riaz, his son, and other accused in the Bahria Town Karachi land case. Shortly afterward, the court also ordered a temporary freeze on Bahria Town properties across the country.
Investigators believe that approximately Rs. 8 billion in alleged illicit funds were invested in the construction of Bahria Icon Tower through Galaxy Construction. NAB has also attached another major property, Bahria Town Tower on Tariq Road, alleging it was held in the name of a benami frontman acting on behalf of Malik Riaz and Bahria Town.
The bureau had originally filed a reference against Malik Riaz and other accused in 2020, alleging the illegal allotment of land used for the construction of Bahria Icon Tower. The case remains under judicial proceedings.
NAB officials said the latest court-backed action underscores the bureau’s commitment to enforcing accountability laws and strengthening Pakistan’s anti-money laundering framework, particularly in high-value real estate transactions.
