KARACHI: National Accountability Bureau (NAB) has taken control of Bahria Icon Tower in Karachi, a property estimated to be worth more than Rs100 billion, as part of proceedings under the country’s anti-money laundering law.
According to sources, the move follows the confirmation by an accountability court in Rawalpindi of the tower’s seizure. Following the court’s decision, NAB handed over the building’s administrative management to the local administration to ensure the continuation of day-to-day operations.
The action is linked to an ongoing investigation into the alleged use of illicit funds in the development of Bahria Icon Tower. Sources said the case forms part of a broader probe involving Galaxy Construction, in which investigators are examining allegations of financial irregularities and suspicious transactions.
Officials said preliminary findings indicate that questions have been raised over the sources of financing and investment used in the project. NAB is continuing its investigation to determine the origin of the funds and whether they were used in violation of anti-money laundering laws.
Authorities said temporary administrative arrangements have been put in place to ensure that commercial activities and offices operating within the building remain functional during the legal proceedings.
NAB officials said the investigation is being conducted in accordance with the law and stressed that the objective is to establish the facts surrounding the project’s financing. They added that further developments are expected as the inquiry progresses, including additional questioning of individuals connected to the case.
