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CEO of AXACT Shoaib Sheikh given clean chit in money laundering case

A district and sessions court has given clean chit to the Chief Executive Officer (CEO) of AXACT Shoaib Sheikh in a money laundering case due to lack of evidence on Wednesday, as reported by TV channels. He was arrested along with 14 other employees of the company in fake degree scandal.

Shaukat Hayat, the counsel of Shoaib, under Section 249-A of the Criminal Procedure Code (CrPC), had moved an applicable petition. He reasoned that Shoaib cannot be tried twice on equal petitions. The client of Shaukat was blamed for illegally transferring Rs. 170.17 million to a Chanda Exchange Company in April 2014.

Additional district and sessions judge (south), Sohail Ahmed Laghari discharged Shoaib from the case after hearing the arguments. While making a decision, he stated that the likelihood of conviction in the case was pretty low.

No evidence in money laundering case

Shoaib Sheikh was cleared from money laundering case due to lack of evidence. Subsequently, this becomes the first case which went in the favor of AXACT’s CEO.

More than a week ago, SHC granted bail to Shoaib along with 13 other employees. All of them spent 15 months behind the bar in the fake degree scam. Shoaib Sheikh, along with 6 directors of AXACT was detained by FIA officials on 27th May 2015. They were arrested after thousands of fake degrees were recovered from the company’s offices during a raid.

Fake degree case is still pending

Even though the CEO of AXACT is granted bail and given a clean chit in money laundering case but the drama is far from over. As far as fake degree case is concerned, a decision on the main case is still pending.

During the investigation process, FIA investigators reportedly claimed that concrete proof was revealed against the accused. The investigators also manage to trace the whereabouts of Abdul Rauf who was essentially responsible in printing fake degrees.

Do you think AXACT would be able to get clearance in the fake degree scam as well?

Image Source: Samaa

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