NAB freezes Bahria Town-linked properties in Karachi over money laundering probe

ISLAMABAD: The National Accountability Bureau (NAB) has frozen multiple high-value properties linked to Bahria Town Private Limited in Karachi as part of an expanding investigation into alleged money laundering and proceeds of crime.

According to officials, the action was carried out by NAB Karachi under the Anti-Money Laundering Act, 2010, in compliance with directives issued by an accountability court.

Investigators said preliminary findings suggest that the properties were acquired through allegedly laundered funds generated from criminal activity.

Among the major assets frozen is the Bahria Icon Tower, one of Karachi’s tallest commercial developments located in the Clifton area. Officials claimed around Rs8 billion in suspected illicit funds were used in its construction, and the property was reportedly registered under a front company identified as M/s Galaxy Construction Pvt Ltd.

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Authorities also attached the Bahria Town Tower. Investigators said the project was allegedly held under Muhammad Awais, described as a benami frontman linked to Bahria Town founder Malik Riaz Hussain and the company.

The scope of the investigation was later expanded beyond Karachi, with NAB freezing 817 kanals of land in Sheikhupura and 2,029 kanals of land in Peshawar, reportedly earmarked for Bahria Town Peshawar.

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

NAB stated that the latest action reflects ongoing efforts to trace and freeze assets allegedly acquired through unlawful financial flows using benami ownership structures and shell companies.

Legal proceedings regarding the frozen properties are currently underway, according to the bureau.