NAB takes possession of Karachi's Bahria Icon Tower amid investigation against property tycoon Malik Riaz

Pakistan's National Accountability Bureau (NAB) has taken possession of the Bahria Icon Tower in Karachi, a prominent symbol of the country's real estate development, as part of an ongoing anti-money laundering investigation. The move targets property tycoon Malik Riaz.

A Rawalpindi accountability court confirmed the provisional attachment of the tower, which is recognized as Pakistan's tallest building. NAB sources indicate that the investigation, which includes M/s Galaxy Construction Private Limited, has established that the funds used for the property's construction and land acquisition originated from criminal activities and constituted proceeds of money laundering.

Based on the evidence gathered, NAB provisionally attached the Bahria Icon Tower under Section 8 of the Anti-Money Laundering Act, 2010. This action signifies a major development in the bureau's efforts to combat financial crimes within the real estate sector.