Axact CEO Shoaib Shaikh arrested [DailyTimes] 27 Feb, 2018

KARACHI: Axact CEO Shoaib Shaikh was arrested on Monday evening after the Sindh High Court (SHC) rejected his protective bail application, which was submitted after the court approved the Federal Investigation Agency’s (FIA) appeal against the acquittal of those accused in the Axact money laundering case. Counsel for Shaikh reportedly advised him to surrender to law enforcement agencies as he had no other option. A division bench of the SHC, headed by Justice Naimatullah Phulpoto, was hearing an appeal filed by the FIA against the acquittal of the Axact chief in a case pertaining to illegal transfer of Rs 170.17 million to a Dubai-based firm, Chanda Exchange Company, in 2014.

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