ISLAMABAD (MNN); The National Accountability Bureau (NAB) on Monday took physical possession of Bahria Icon Tower in Karachi after an accountability court confirmed the provisional attachment of the landmark property in connection with an ongoing anti-money laundering investigation involving real estate developer Malik Riaz.
Bahria Icon Tower, located in Karachi’s Clifton area, is regarded as one of Pakistan’s most prominent skyscrapers and among the country’s tallest buildings.
According to NAB sources, investigations against M/s Galaxy Construction (Private) Limited and other individuals concluded that the land acquisition and construction of the tower were allegedly financed through proceeds of crime, making the property subject to action under the Anti-Money Laundering Act, 2010.
Based on the evidence gathered, NAB had provisionally attached the property under Section 8 of the Act. After further investigation established an alleged link between the property and money laundering, the bureau approached the Accountability Court in Rawalpindi for confirmation of the attachment.
The court, in its order dated July 3, 2026, upheld NAB’s request, allowing the bureau to take possession of the property.
Property Worth Rs100 Billion Handed to Local Administration
Following the court’s order, NAB officials took control of the tower, estimated to be worth around Rs100 billion, and transferred its custody and management to the local administration in accordance with legal procedures.
NAB described the move as a significant milestone in its efforts to identify, restrain and recover assets allegedly linked to money laundering and the proceeds of crime.
The bureau reiterated its commitment to pursuing financial crime investigations, tracing illicit assets, and ensuring that illegally acquired wealth is restrained, confiscated and recovered under the law.
Series of Actions Against Bahria Town
The latest development follows a series of legal actions against 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. Later, the court also ordered the freezing of multiple Bahria Town properties across Pakistan for 15 days.
Earlier in May, NAB froze four additional high-value Bahria Town properties on the directions of the accountability court.
According to NAB, investigators traced approximately Rs8 billion in alleged proceeds of crime used in the construction of Bahria Icon Tower, which was reportedly held through M/s Galaxy Construction Pvt Ltd.
The bureau has also attached Bahria Town Tower on Karachi’s Tariq Road, alleging that it was registered in the name of Muhammad Awais, whom investigators describe as a benami representative of Malik Riaz and Bahria Town.
NAB had earlier filed a reference in 2020 against Malik Riaz and other accused over the alleged illegal allotment of the land on which Bahria Icon Tower was constructed.
