FIA Arrests Shoaib Shaikh in Axact money laundering case [DailyTimes] 26 Feb, 2018

KARACHI: The Federal Investigation Agency (FIA) on Monday arrested Axact CEO Shoaib Shaikh after his protective bail application was rejected by the Sindh High Court (SHC).The court approved FIA’s appeal against the acquittal of those involved in Axact money laundering scandal, after which the authorities arrested Shoaib Shaikh from the court premises.According to reports, Axact CEO’s legal counsel advised him to surrender before the authorities since he had no other option.Earlier this month, the Supreme Court of Pakistan directed the SHC and IHC to decide the pending appeals against the acquittal of the accused of Axact fake degree scam.A two-member SC bench, comprising Chief Justice Mian Saqib Nisar and Justice Ijazul Ahsan, directed the SHC to form a two-member bench and decide the pending appeal within 15 days.The court directed the IHC to decide the government’s appeal against the acquittal of the accused in three weeks.The court directed a trial court in Karachi to decide on the prosecution’s plea seeking cancellation of the accused bail in two weeks. The court also directed the sub-ordinate courts to suspend bails of the accused if they did not cooperate with them.

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