A local court in Karachi dropped charges of money laundering against Shoaib Shaikh, the Chief Executive Officer (CEO) of Axact.
The Federal Investigation Agency (FIA) charged the Axact CEO and directors over money laundering of Rs.270 million to Dubai.
The court, after hearing FIA officials dismissed all charges against the accused null and void.
On August 15, he and 13 others were granted bail in fake degrees case.
Justice Iqbal Kalhoro approved the bail plea against a surety bond of Rs500,000 each after hearing arguments from both parties.
The Axact scandal surfaced in May last year when The New York Times published a report that claimed the company sold fake diplomas and degrees online through hundreds of fictitious schools, making “tens of millions of dollars annuall
