The National Accountability Bureau (NAB) has frozen four high-value properties connected to Bahria Town Private Limited in Karachi, following directives from an accountability court as part of an expanding anti-money laundering investigation targeting suspected criminal proceeds.
The action was carried out by NAB Karachi under the Anti-Money Laundering Act, 2010, in compliance with the court order. Investigations have revealed that the properties were allegedly purchased using laundered funds derived from illegal activities.
Notably, one of the major assets seized is the Bahria Icon Tower situated in Karachi’s Clifton area, recognized as one of the tallest commercial buildings in the city. Preliminary findings indicate that approximately Rs8 billion in suspected illicit funds were invested in its development. The property is registered under a front company named M/s Galaxy Construction Pvt Ltd.
Additionally, NAB attached the Bahria Town Tower on Tariq Road, Karachi. This project is reportedly held under the name of Muhammad Awais, identified as a “benami” frontman linked to Bahria Town founder Malik Riaz Hussain and Bahria Town Private Limited.
Meanwhile, the investigation expanded beyond Karachi, leading authorities to freeze 817 kanals of land in Sheikhupura, Punjab, and 2,029 kanals in Peshawar, areas reportedly designated for Bahria Town Peshawar. These land holdings are registered under M/s Lifestyle Development (SMC) Pvt Ltd, another front company allegedly used to facilitate the transfer and concealment of illicit funds.
The two companies under scrutiny are considered part of a larger network of entities allegedly involved in money laundering and asset concealment through complex financial transactions. NAB officials emphasized that the recent measures reflect ongoing efforts to identify and freeze assets acquired via unlawful financial channels, particularly those involving “benami” ownership and shell companies.
Legal proceedings concerning the attached properties are currently underway as NAB continues its probe into the matter.
