NAB freezes luxury property, thousands of acres linked to Bahria Town Karachi

ISLAMABAD: The National Accountability Bureau (NAB) has frozen a luxury property and additional land assets linked to Bahria Town Karachi as part of multiple ongoing inquiries, the anti-graft body said on Tuesday.

According to NAB Karachi, a 67-acre estate known as “Ali Villa,” reportedly built as a private residence and located in Bahria Hills, has been frozen.

The property is said to be associated with the family of property tycoon Malik Riaz.

The NAB said that the residence includes facilities such as a helipad, mini-zoo and swimming pools, and was constructed with modern amenities.

The bureau also said it has frozen an additional 1,338 acres of land under two new inquiries.

Separately, the NAB Karachi said that it has frozen the entire 3,150-acre Bahria Town-2 project, adding that the land was allegedly acquired through fraudulent means.

The anti-graft body said that the projects involve encroachment on state land, including land owned by the Government of Sindh, which was originally earmarked for Bahria Greens and other precincts.

It further said that Bahria Town-2 was developed on forest department land.

The NAB said that the assets have been restrained from any transfer to third parties, and that a separate order to freeze the properties was issued by the NAB Karachi director general.

The bureau said it had already filed a reference in an accountability court in connection with alleged illegal conversion and embezzlement of 17,672 acres of state land in Malir, valued at around Rs708 billion.

The NAB said that the case remains under investigation.

Earlier, the NAB had 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 had said that 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.