NAB Property Freeze Bahria Icon Tower Among Key Assets Seized
The NAB property freeze has intensified as authorities target major Bahria Town assets. The National Accountability Bureau (NAB) in Karachi froze four high-value properties. This action followed court instructions and ongoing investigations.
Officials say the move aims to curb alleged financial crimes. Therefore, authorities acted under the Anti Money Laundering Act, 2010. Investigators believe these properties were linked to illicit funds.
Bahria Icon Tower Under Scrutiny
One of the key properties is the Bahria Icon Tower in Clifton. Reports suggest that around Rs. 8 billion was allegedly laundered into the project. As a result, NAB moved to freeze the asset. Authorities claim the tower was held through a front company. For example, M/s Galaxy Construction Pvt Ltd reportedly managed ownership. This raised concerns about transparency and financial practices.
Additional Properties and Expanding Action
NAB also froze the Bahria Town Tower on Tariq Road. Investigators linked the property to a frontman, described as a “benami” holder. However, officials believe the asset connects to Bahria Town’s leadership. The operation did not stop in Karachi. In addition, NAB attached 817 kanals of land in Sheikhupura. Another 2,029 kanals in Peshawar also came under scrutiny. Authorities say these lands were meant for development projects. However, they suspect links to M/s Lifestyle Development (SMC) Pvt Ltd. Investigators identified this company as another front entity.
Ongoing Investigations and Legal Process
The NAB property freeze comes amid wider investigations into Bahria Town. In recent years, authorities have examined land deals and financial practices. As a result, multiple cases now involve billions of rupees. Officials state that the goal is accountability and transparency. Therefore, NAB continues to trace assets linked to alleged money laundering. Legal proceedings are now underway for all attached properties. At the same time, authorities emphasize due process. Every case will proceed under the law, ensuring fair hearings. The outcome will likely shape future accountability efforts in Pakistan’s real estate sector.
