ISLAMABAD (Kashmir English): The National Accountability Bureau (NAB) on Monday took possession of Karachi’s Bahria Icon Tower, owned by real estate tycoon Malik Riaz, worth around Rs100 billion, in an ongoing anti-money laundering investigation.
As per the details, the Rawalpindi accountability court confirmed its provisional attachment under section 8 of the Anti-Money Laundering Act, 2010.
According to NAB sources, the investigation, conducted against M/s Galaxy Construction Private Limited, among others, established that the construction of the tower, the country’s tallest building, and the acquisition of the underlying land were sourced through the proceeds of crime, and constituted a property involved in money laundering.
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