NAB Crackdown on Bahria Town

The National Accountability Bureau (NAB) has cracked down on Bahria Town properties across the country. NAB took action under the accountability court’s ruling based on Anti-Money Laundering Act 2010. The court had concluded that these properties were acquired and developed through the proceeds of crimes.

NAB targeted several properties of Bahria Town including Bahria Icon Tower in Clifton, Karachi which is the tallest skyscraper in Pakistan. As per NAB, Rs. 8 billion used in its construction were laundered funds held by a front company M/s Galaxy Construction Pvt. Ltd. NAB also seized Bahria Town Tower on Tariq Road, Karachi which was alleged to be held by Muhammad Awais, a benami frontman for Malik Riaz Hussain, owner of Bahria Town.

NAB further seized 817 kanals in Sheikhupura as well as 2,029 kanals in Peshawar earmarked for Bahria Town Peshawar. NAB alleged they were held by M/s Lifestyle Development (SMC) Pvt Ltd which functions as an entity for money laundering. It also seized land for Bahria Town-2 in District Jamshoro of Sindh. NAB alleged that the 3,150 acres of Bahria Town-2 were acquired by M/s Paradise Real Estate (Pvt) Limited fraudulently.

Additionally, some 3,150 acres of land from Bahria Town Karachi were seized as well where schemes such as Bahria Greens were planned to be developed. NAB claims the land belonged to the Government of Sindh Furthermore, NAB seized Ali Villas, a property owned by Ali Riaz, son of Malik Riaz in Bahria Town Karachi. The property spans over some 67 acres, and is equipped with high end facilities, including a helipad, swimming pools and a mini zoo.

Malik Riaz, once the most prominent real estate developer in Pakistan, has been in NAB’s crosshairs for the past few years after his involvement in Al-Qadir Trust came to light. He alleges political victimization while his detractors accuse him of corruption, illegal land acquisition and money laundering.