KARACHI: An additional and sessions court in Karachi has charged CEO of Axact and others in a money laundering case.
District and Sessions judge (South) announced the charge against CEO of Axact Shoaib Shaikh. The others that have been charged in the case include Mohammad Junaid and Younis.
All of the suspects indicted in the case, denied of the charges they were accused for.
The District and Sessions judge has summoned witnesses in the case for the next hearing scheduled on 4th of July.
Axact has been surrounded by controversy since The New York Times reported of fake degrees being sold by the company. After which the company has been undergoing many probes and charges.
The FIA accused Shoaib Shaikh of illegally transferring Rs170.17 million to Dubai. FIA said he transferred the amount to a Dubai based firm Chanda Exchange Company, in April 2014.
Shoaib Shaikh was taken into custody by FIA on February 26 this year, after the Sindh High Court rejected his protective bail application. Shaikh had submitted the application for bail after court approved FIA’s appeal against acquittal of accused in money laundering case.
CJP Saqib Nisar took suo motu notice of the Axact fake degree scandal after another news had surfaced. The international news claimed that over 3,000 UK citizens purchased fake degrees from Axact in 2013-2014.
Supreme Court also took notice of the case related to money laundering by the company CEO. The top court also directed Sindh and Islamabad high courts to decide the verdict on the case as soon as possible.