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ISLAMABAD:In a significant development in an ongoing anti-money laundering investigation against real estate tycoon Malik Riaz, the National Accountability Bureau (NAB) took possession of Karachi’s Bahria Icon Tower on Monday after a Rawalpindi accountability court confirmed its provisional attachment.
The Bahria Icon Tower is one of Pakistan’s most prominent high-rise developments, and is regarded as the country’s tallest building.
According to NAB sources, the bureau’s investigation — conducted against M/s Galaxy Construction Private Limited among others — established that the construction of the property and the acquisition of the underlying land were sourced through the proceeds of crime, and constituted a property involved in money laundering.
On the basis of evidence collected during the investigation, NAB provisionally attached the Bahria Icon Tower under section 8 of the Anti-Money Laundering Act, 2010 (Attachment of property involved in money laundering).
