The National Accountability Bureau (NAB) has taken possession of property tycoon Malik Riaz’s Bahria Icon Tower in Karachi on Monday. The step has been taken as a major development linked to an ongoing investigation.
According to the reports, the action was taken under the Anti Money Laundering Act. The building is valued at more than Rs100 billion.
Media reports said that an accountability court in Rawalpindi approved the confiscation of the Bahria Icon Tower.
After the court’s decision, NAB handed over the building to the local administration to manage its day to day affairs.
According to the officials, the action was taken after investigators found evidence that illegal funds may have been used in the construction of the project.
The case is also part of the ongoing investigation into Galaxy Construction. Which includes alleged financial irregularities and suspicious transactions.
Officials said that early investigations suggest that the sources of funding for the project were not transparent. NAB has started further investigations to determine where the money came from and how it was used.
Reports further said that more developments are expected in the coming days. More people linked to the case may also be questioned.
NAB said all action is being taken according to the law and that the investigation aims to uncover the full facts behind the alleged financial irregularities.
Arrest warrants issued for Malik Riaz
Back in January, an accountability court issued arrest warrants for Malik Riaz, his wife Bina Riaz, his son Ahmed Ali Riaz and four other people in a National Accountability Bureau (NAB) case.
During the hearing, NAB prosecutors Manzoor Shah and Hana Ashraf presented a report that had been prepared by Muhammad Ramzan. The report said a formal reference had been filed after examining the available evidence and official records.
The court also ordered the seizure of the Mall of Islamabad and directed that the property be confiscated by the state. Official notifications for the confiscation were later issued.
In addition to this, the court directed three of the accused to submit bail bonds worth Rs500,000 each.
It also ordered authorities to strictly enforce the arrest warrants issued against the remaining accused.
