Axact CEO, others indicted in money laundering case [DailyTimes] 21 Jun, 2018

An additional district and sessions’ court on Wednesday indicted Axact chief executive Shoaib Sheikh and others in a money laundering case.South ADSJ identified the two other accused as Mohammad Junaid and Younis.The judge has summoned the witnesses in the case in the next court hearing, scheduled for July 4.Following their indictement, the accused pleaded not guilty on Wednesday.Axact CEO Shoaib Shaikh has been accused by the Federal Investigation Agency (FIA) of having illegally transferred Rs170.17 million to a Dubai-based firm, Chanda Exchange Company, in April 2014. He was arrested by the FIA on February 26 this year, after the Sindh High Court rejected his protective bail application, submitted after the court approved the FIA’s appeal against the acquittal of those accused in the money laundering case. The Axact scandal had first surfaced in May 2015, when The New York Times published a report claiming the company sold fake diplomas and degrees online through hundreds of fictitious schools, making ‘tens of millions of dollars annually’.In January 2018, Chief Justice Mian Saqib Nisar took suo motu notice of the Axact fake degree scandal after international news reports once again revealed that over 3,000 UK citizens had purchased fake degrees from Axact in 2013 and 2014.The apex court also took notice of the money laundering case after the fake degree re-emerged, subsequently directing the Sindh and Islamabad high courts to promptly decide all pending cases against the company.

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