In a major development, Pakistan’s National Accountability Bureau (NAB) has taken control of the Bahria Icon Tower in Karachi, a property estimated to be worth over Rs100 billion, according to sources. The action was reportedly carried out under the Anti-Money Laundering Act.
Sources said the Accountability Court in Rawalpindi has upheld the seizure of the Bahria Icon Tower, following which NAB handed over the building’s management to the local administration to ensure its day-to-day operations continue without disruption.
The tower is reportedly under investigation over the alleged use of illicit funds in its construction. Officials say the case is linked to the ongoing Galaxy Construction investigation, which involves suspected financial irregularities and questionable transactions.
According to authorities, preliminary investigations indicate that the sources of financing and investment for the project were not transparent. NAB is now examining the origin of the funds and how they were used.
Temporary administrative arrangements have been put in place to ensure that offices and other activities inside the building continue as normal.
Sources say further developments are expected in the coming days, with additional questioning of individuals connected to the case likely. NAB maintains that all proceedings are being conducted in accordance with the law and through a transparent legal process to determine the full facts behind the alleged financial irregularities.
