NAB says multiple high-value properties linked to Bahria Town were acquired through suspected laundered funds as investigators widen scrutiny over alleged benami networks and shell companies.
ISLAMABAD: Pakistan’s anti-corruption watchdog has intensified its crackdown on alleged financial crimes after the National Accountability Bureau (NAB) froze four major properties linked to Bahria Town Private Limited in a widening money laundering investigation that now stretches from Karachi to Peshawar.
The move, carried out by NAB Karachi under the Anti-Money Laundering Act, 2010, follows directives issued by an accountability court and targets assets investigators believe were acquired using proceeds generated through alleged criminal activity.
Among the most prominent properties attached is the Bahria Icon Tower in Karachi’s Clifton area — one of the tallest and most recognizable commercial developments in the country. Investigators claim preliminary findings indicate nearly Rs8 billion in suspected laundered funds were funneled into the project’s construction.
According to officials familiar with the inquiry, the tower was allegedly registered under M/s Galaxy Construction Pvt Ltd, which investigators suspect functioned as a front company used to conceal the actual ownership and financial trail behind the asset.
NAB also froze the Bahria Town Tower located on Karachi’s busy Tariq Road. Officials allege the property was held in the name of Muhammad Awais, described in the investigation as a “benami” frontman allegedly linked to Bahria Town founder Malik Riaz Hussain and Bahria Town Private Limited.
The investigation has now expanded beyond Sindh, with authorities freezing 817 kanals of land in Sheikhupura and another 2,029 kanals in Peshawar, where land was reportedly reserved for Bahria Town Peshawar.
Investigators said the land parcels were registered under M/s Lifestyle Development (SMC) Pvt Ltd, another company being examined for allegedly facilitating the transfer and concealment of illicit financial assets.
Sources within the investigation said authorities are treating the companies under scrutiny as part of a broader network of entities allegedly designed to move funds, obscure ownership structures and shield assets through benami arrangements and shell corporations.
The latest development marks one of the most significant asset-freezing operations tied to Bahria Town-linked entities in recent months and signals increasing pressure on high-profile real estate and corporate networks facing allegations of financial misconduct.
NAB officials maintained that legal proceedings concerning the attached properties are ongoing and that further action could follow as investigators continue tracing suspected unlawful financial flows.
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