The National Accountability Bureau (NAB) took physical possession of Karachi’s Bahria Icon Tower, one of Pakistan’s most recognisable high-rise developments, after an accountability court confirmed its provisional attachment in an ongoing anti-money laundering investigation linked to property tycoon Malik Riaz.
According to NAB, a Rawalpindi accountability court on Monday confirmed the attachment of the tower under the Anti-Money Laundering Act, 2010, following an investigation which concluded that the project was financed through proceeds of crime.
The bureau said the Bahria Icon Tower, located in Karachi’s Clifton area and estimated to be worth around Rs100 billion, has now been placed under the custody and management of the local administration in accordance with the court’s order.
NAB stated that its investigation into M/s Galaxy Construction (Private) Limited and other parties found that both the construction of the tower and the acquisition of the underlying land were funded through laundered money. Investigators alleged that approximately Rs8 billion in proceeds of crime had been used to finance the project, which they said was held through a front company.
Following the collection of further evidence establishing the property’s alleged connection to money laundering, NAB sought confirmation of its provisional attachment from the accountability court. The court approved the application in an order issued on July 3, paving the way for the bureau to assume physical possession of the building.
In a statement, NAB described the action as a significant step in its efforts to trace, restrain and recover assets allegedly linked to financial crime. The bureau said it remained committed to investigating money laundering offences and recovering proceeds of crime in accordance with the law.
