February 27, 2018
KARACHI – Shoaib Ahmed Shaikh, CEO of Axact and BOL Media Group, was on Tuesday sent to jail on judicial remand until March 3 by a court hearing a money-laundering case.
The Federal Investigation Agency had arrested Shaikh on Monday shortly after the Sindh High Court rejected his protective bail plea. The court earlier accepted an FIA appeal against his acquittal.
Officials of FIA brought Shaikh to the district court south on Tuesday. The court adjourned the hearing of Shaikh’s request to grant bail until March 1.
The Supreme Court of Pakistan earlier this month 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.
Pakistan Observer, December 14, 2016