ISLAMABAD: In a significant development in an ongoing anti-money laundering investigation against real estate tycoon Malik Riaz, the National Accountability Bureau (NAB) on Monday took possession of the Bahria Icon Tower in Karachi, aft­er a Rawalpindi accountability court confirmed its provisional attachment.

Bahria Icon Tower is one of Pakistan’s most prominent high-rise developments, and regarded as one of the country’s tallest buildings.

According to NAB sou­rces, the bureau’s investigation — conducted agai­nst M/s Galaxy Constr­uction Private Limited and 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).

Following the collection of further corroborative evidence establishing the money laundering offence and the property’s nexus with the proceeds of crime, an application for confirmation of the provisional attachment was filed before the Accountability Court in Rawalpindi. The court, through its order dated July 3, 2026, confirmed the attachment.

In execution of the court’s order, NAB took possession of Bahria Icon Tower on Monday and handed over its custody and management to the local administration.

Auction today

Separately, the Islamabad High Court on Monday referred a petition challenging the auction notices issued for Bahria Town properties to the office of the Chief Justice for the constitution of an appropriate bench, the state-run Associated Press of Pakistan reported.

Justice Arbab Muhammad Tahir observed that he had previously heard the dispute in an intra-court appeal (ICA) and, therefore, considered it appropriate that the case be placed before another bench.

The petition challenges notices issued by NAB for the auction of five Bahria Town properties scheduled for today (Tuesday). NAB sources said that in the absence of a restraining order, the auction of five Bahria Town properties would go ahead as planned.

Published in Dawn, July 7th, 2026