NAB freezes four Bahria Town-linked properties in money laundering probe

ISLAMABAD: The National Accountability Bureau (NAB) has frozen four high-value properties linked to Bahria Town Private Limited in Karachi following court directives, in a widening anti-money laundering probe targeting alleged proceeds of crime.

Officials said the action was taken by the NAB Karachi under the Anti-Money Laundering Act, 2010, in compliance with an order issued by an accountability court.

According to sources, investigations have concluded that the attached properties were acquired through allegedly laundered funds generated from criminal activity.

Among the major assets frozen is the Bahria Icon Tower located in Karachi’s Clifton area, one of the city’s tallest commercial developments.

Investigators said preliminary findings suggest that around Rs8 billion in suspected laundered funds were used in its construction. The property, according to officials, was registered under a front company identified as M/s Galaxy Construction Pvt Ltd.

The NAB also attached the Bahria Town Tower on Tariq Road, Karachi. Officials said the project was allegedly held under the name of Muhammad Awais, described in the investigation as a “benami” frontman linked to Bahria Town founder Malik Riaz Hussain and Bahria Town Private Limited.

The scope of the operation was later extended beyond Karachi, with authorities freezing 817 kanals of land in Sheikhupura, Punjab, and 2,029 kanals of land in Peshawar, reportedly earmarked for Bahria Town Peshawar.

Investigators said the land holdings were registered under M/s Lifestyle Development (SMC) Pvt Ltd, which has also been identified as a front company allegedly used for the transfer and concealment of illicit funds.

Sources said both companies under scrutiny are being treated as part of a broader network of entities allegedly used to facilitate financial transactions linked to money laundering and asset concealment.

NAB officials said that the latest action reflects ongoing efforts to trace and freeze assets allegedly acquired through unlawful financial flows, particularly through the use of “benami” ownership structures and shell companies.

The bureau said legal proceedings related to the attached properties are currently under way.