NAB Seizes Bahria Icon Tower In Malik Riaz Money Laundering Probe

ISLAMABAD: The National Accountability Bureau has taken possession of Karachi’s Bahria Icon Tower after a Rawalpindi accountability court confirmed the provisional attachment of the landmark property in an ongoing anti-money laundering investigation linked to property tycoon Malik Riaz.

The development marks one of the most visible actions taken by the accountability watchdog against high-value real estate assets connected to the broader Bahria Town-related investigations. Bahria Icon Tower, located in Karachi’s Clifton area, is widely regarded as one of Pakistan’s most prominent high-rise buildings and has long been associated with major commercial activity in the city.

According to NAB sources cited in the report, the bureau’s investigation involved M/s Galaxy Construction Private Limited and other entities. Investigators concluded that both the construction of the tower and the acquisition of the land beneath it were allegedly connected to proceeds of crime and therefore fell within the scope of property linked to money laundering.

NAB provisionally attached the property under section 8 of the Anti-Money Laundering Act, 2010, after gathering evidence during the inquiry. The accountability court later confirmed the attachment through an order dated July 3, clearing the way for the bureau to move beyond paperwork and take physical possession of the tower.

Officials said NAB executed the court’s order on Monday and took control of the Bahria Icon Tower, which has been estimated to be worth around Rs100 billion. Its custody and management were then handed over to the local administration in accordance with legal procedure.

NAB sources described the move as a major milestone in efforts to trace, restrain and recover assets allegedly linked to laundering and proceeds of crime. The bureau said it remained committed to strengthening financial investigations and ensuring that assets suspected of being acquired through illegal proceeds are restrained and recovered under the law.

The action comes against the backdrop of multiple accountability proceedings involving Malik Riaz, his family members and Bahria Town-linked entities. In June, an accountability court issued non-bailable arrest warrants for Riaz, his son and others in the Bahria Town Karachi land grab case, followed by a separate 15-day freezing order on properties across the country.

Earlier, NAB had also frozen several high-value Bahria Town properties in Karachi on the instructions of an accountability court. The bureau has connected some of these actions with wider investigations involving alleged illegal allotments, benami holdings and financial flows tied to property development projects.

For Karachi’s real estate market, the possession of Bahria Icon Tower is a major headline because it involves a high-profile commercial asset rather than an ordinary property dispute. The case may influence investor confidence, regulatory scrutiny and future due diligence around major land and construction projects in Pakistan’s largest city.

The next stage will depend on further court proceedings, NAB’s evidence trail and any legal challenges that may be brought by affected parties. Until the matter is finally adjudicated, the possession of the tower signals that accountability authorities are prepared to act against premium assets where they believe a link to money laundering can be established.