February 26, 2018
KARACHI - The Federal Investigation Agency (FIA) on Monday arrested Shoaib Ahmed Shaikh, CEO of Axact shortly after the Sindh High Court rejected his protective bail plea in a money laundering case.
Shaikh, who also heads the BOL Media Group, was taken into custody outside the court. Justice Naimatullah Phulpoto dimissed his bail plea.
The court earlier accepted a FIA appeal against his acquittal and directed the lower court to conduct a retrial and settle the case within three months.
Reports said that Shaikh attempted to avoid arrest by staying inside the court, his lawyers insisting he should not be arrested as the SHC did not order his arrest. They said Shaikh be allowed to approach the court to seek protective bail plea.
The Supreme Court of Pakistan earlier this month had directed the Sindh and Islamabad High Courts hearing the Axact fake degrees cases to wrap up the appeals against suspects’ acquittal.
Shaikh is accused by FIA of illegally transferring over Rs170 million to Chanda Exchange Company in Dubai in 2014.
The Supreme Court last month took notice of the money laundering case after the fake degree scandal involving Axact re-emerged last month.
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A study conducted by JournalismPakistan.com and Communications Research Strategies on the economic situation of slain journalists' families and journalists displaced due to security threats.