Shoaib Shaikh sent to jail on judicial remand

JournalismPakistan.com | Published: 27 February 2018

Shoaib Ahmed Shaikh was arrested by the FIA and sent to jail on judicial remand pending a money-laundering case. The court has adjourned the bail hearing until March 1.

Summary

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.

Photo: AFP

Key Points

Shoaib Shaikh is the CEO of Axact and BOL Media Group.
He was arrested after a court rejected his protective bail plea.
The FIA accuses him of transferring over Rs170 million in 2014.
His judicial remand is until March 3, with further hearings scheduled.
The Supreme Court has intervened regarding the Axact fake degrees cases.

Relevant Topics

Shoaib Shaikh

Axact

BOL Media

Judicial Remand

Money Laundering

FIA

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