Sindh: Sindh Hight Court granted bail to Axact Chief Executive Officer Shoaib Shaikh who was undergoing trial on charges of fraud, extortion and money laundering.
Justice Iqbal Kalhoro approved the bail to Shaikh and 14 other co-accused nominated plea against a surety bond of Rs500,000 each after hearing arguments from both parties.
Lawyer of Shoaib Shaikh argued during the hearing that the prosecution and Federal Investigation Agency (FIA) had been using delaying tactics and that the accused have not been indicted thus far – despite a lapse of 15 months.
He said that the prosecution has failed to present even a single copy of fake degree before the court
.Shaikh, along with six directors of the company was taken into custody on May 27, 2015 after investigators found hundreds of thousands of forged degrees and students ID cards from a secret office of the company in Karachi.
