The National Accountability Bureau (NAB) on Monday took control of Karachi’s Bahria Icon Tower after a Rawalpindi accountability court upheld its provisional attachment in an ongoing anti-money laundering case involving Malik Riaz.
Widely regarded as Pakistan’s tallest building, the Bahria Icon Tower has been placed under NAB’s custody following a court order confirming the bureau’s action.
According to NAB officials, the investigation into M/s Galaxy Construction (Private) Limited and other entities found that both the tower’s construction and the acquisition of the land 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 Anti-Money Laundering Act, which allows authorities to seize assets suspected of being linked to money laundering.
After collecting additional evidence supporting the alleged connection between the property and illicit funds, the bureau sought confirmation of the attachment from the Accountability Court in Rawalpindi. On July 3, 2026, the court approved the request, validating the provisional attachment.
Acting on the court’s directives, NAB on Monday assumed physical possession of the Bahria Icon Tower, which is estimated to be worth around Rs100 billion. The bureau subsequently handed over the building’s custody and management to the local administration in accordance with legal procedures.
The latest development follows a series of actions against Malik Riaz and Bahria Town. In June, an accountability court issued non-bailable arrest warrants for Malik Riaz, his son and several others in the Bahria Town Karachi land case. Later that month, the court also ordered a 15-day freeze on properties linked to the investigation across the country.
Earlier, in May, NAB froze four additional high-value Bahria Town properties on the instructions of an accountability court, expanding its ongoing crackdown. Malik Riaz is also declared an absconder in the £190 million Al-Qadir Trust case.
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