NAB takes control of Bahria Icon Tower in Karachi

The National Accountability Bureau (NAB) on Monday took physical possession of Karachi's Bahria Icon Tower after an accountability court in Rawalpindi upheld the provisional attachment of the landmark property in connection with an ongoing anti-money laundering investigation involving property developer Malik Riaz.

The Bahria Icon Tower, widely recognised as Pakistan's tallest building, has been attached as part of NAB's investigation into alleged money laundering and assets believed to have been acquired through the proceeds of crime.

According to NAB officials, the investigation, which includes M/s Galaxy Construction (Private) Limited among other entities, concluded that both the construction of the tower and the acquisition of the land were allegedly financed through illicit funds.

Based on the evidence gathered, NAB provisionally attached the property under Section 8 of the Anti-Money Laundering Act, 2010, which empowers authorities to attach assets suspected of being linked to money laundering.

After collecting additional evidence to establish the alleged connection between the property and the proceeds of crime, NAB approached the Accountability Court in Rawalpindi to seek confirmation of the provisional attachment. In its order dated 3 July 2026, the court upheld the attachment, paving the way for the bureau to enforce the decision.

Acting on the court's directives, NAB officials assumed physical control of the Bahria Icon Tower on Monday. The property, estimated to be worth approximately Rs100 billion, has since been placed under the custody and management of the local administration in accordance with legal procedures.

NAB described the development as a significant step in its ongoing efforts to identify, restrain and recover assets allegedly linked to money laundering and other financial crimes.

The latest action follows a series of legal proceedings against Malik Riaz and Bahria Town. In June, an accountability court issued non-bailable arrest warrants for Riaz, his son and several others in connection with the Bahria Town Karachi land case.

The court later ordered the freezing of multiple properties across the country for 15 days as part of the investigation.

Earlier, in May, NAB froze four additional high-value Bahria Town properties on the instructions of the accountability court.

The measures add to the bureau's ongoing cases against Riaz, who is also declared an absconder in the £190 million Al Qadir Trust case.