The Sindh High Court (SHC) approved the Federal Investigation Agency’s (FIA) appeal against the acquittal of CEO Shoaib Shaikh in the Axact money laundering case.
The SHC’s bench, headed by Justice Naimatullah Phulpoto, hearing an appeal filed by the FIA against the acquittal of the Axact chief in a case pertaining to illegal transfer of Rs170.17 million to a Dubai-based firm, Chanda Exchange Company, in April 2014.
The SHC bench sent the case to the trial court for further proceedings.
In May 2015, The New York Times published a report had claimed the company sold fake diplomas and degrees online through hundreds of fictitious schools, making “tens of millions of dollars annually”.
The FIA had then filed a plea against the acquittal of Shaikh in 2016 in a money laundering case, arguing that he was exonerated from the charges by the trial court despite strong evidence that proved his involvement in money laundering
