ISLAMABAD: The National Accountability Bureau (NAB) has taken possession of the Bahria Icon Tower in Karachi valued at approximately Rs100 billion after an accountability court allowed the anti-graft watchdog to provisionally attach the property under the Anti-Money Laundering Act 2010.
NAB took possession of the property in connection with the Bahria Icon Tower corruption reference against property tycoon Malik Riaz and others.
According to reliable sources, the bureau filed the reference over the alleged illegal allotment of land at Bagh Ibn-e-Qasim to M/s Galaxy Construction (Pvt.) Ltd for the development of the Bahria Icon Tower.
According to an order issued on July 3 by Accountability Court Judge Ijaz Ali in Rawalpindi, the prosecution presented ample documentary and oral evidence establishing that the property represents the physical integration of the proceeds of crime. “Consequently, the arguments raised by the respondent are found to be devoid of legal force, misconceived, and are hereby brushed aside,” the order states.
The court further confirmed the provisional attachment order dated April 3, 2025, relating to the Bahria Icon Tower in Clifton, Karachi, under Section 9(3A) of the Anti-Money Laundering Act, 2010.
Sources said NAB’s investigation into M/s Galaxy Construction (Pvt) Ltd and others found that the construction of the Bahria Icon Tower and the acquisition of the underlying land were allegedly financed through the proceeds of crime, making the property subject to money laundering proceedings. Based on the evidence gathered during the investigation, NAB provisionally attached the Bahria Icon Tower under Section 8 of the Anti-Money Laundering Act, 2010.
They said that after obtaining further corroborative evidence establishing the alleged money laundering offence and the property’s nexus with the proceeds of crime, NAB filed an application before Accountability Court No. I, Rawalpindi, seeking confirmation of the provisional attachment.
In compliance with the court’s order, NAB on Monday took physical possession of the Bahria Icon Tower, estimated to be worth approximately Rs100 billion, and handed over its custody and management to the local administration in accordance with the law.
Copyright Business Recorder, 2026
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