More money laundering enquiries kick off against Axact CEO

KARACHI: The noose is being tightened against Axact CEO Shoaib Shaikh with the initiation of another money laundering case, involving billions of rupees, by the State Bank Circle, Karachi.

Confirming the start of yet another enquiry by the State Bank Circle, Karachi, the Federal Investigation Agency officer said they are trying to probe Shaikh's source of income as well as the source of money to purchase Axact's central office in Khayaban-e-Ittehad, Defence, luxurious residence of the accused, two large buildings of Axact's Bol TV, dozens of vehicles, DSNG vans, expensive technical equipment and for construction of several buildings. The FIA officer said the enquiry as "very sensitive".

Besides, the FIA would also conduct a probe into the sources of money to purchase millions of rupees worth technical equipment for TV channels. The FIA is trying to find if the equipment was purchased, smuggled or brought by misdeclaration or if here also money laundering was committed. This enquiry is in preliminary phase, the officer said.

Already a money laundering case no 51/2015 against Shaikh is registered with FIA’s Commercial Bank Circle in Karachi, which is to be heard by the additional and sessions judge (South) VIII.

Meanwhile, hearings in around 30 different cases of arrest and bails of accused Shaikh are being conducted in lower courts, Islamabad High Court, Sindh High Court and the Supreme Court but the accused has not appeared in any of them.

Another hearing is scheduled for March 30 in the court of the district and sessions judge to determine if the additional and sessions judge south VIII, Saira Junejo will hear the money laundering case. Similarly, on March 31, SHC judge Nazar Akbar will hear the bail plea of Shaikh.

Originally published in The News