Axact fake degrees, money laundering cases: Court adjourns hearing till April 24
Additional district and sessions court has referred the money laundering case against Shoaib Shaikh to a sessions judge
April 07, 2018
KARACHI: An additional district and sessions court on Saturday adjourned hearing of the fake degrees and money laundering cases against Axact CEO Shoaib Shaikh till April 24.
Additional District and Sessions Judge (South) Saira Junejo, hearing the cases against the multi-million dollar scam, referred the money laundering case against the primary suspect Shoaib Shaikh and others to a sessions judge, and adjourned hearing till April 24.
During the hearing today, Shoaib Shaikh’s lawyer asked for more time in the fake degrees case. The court observed that it will look at the fake degrees case in light of the law.
Others accused – Zeeshan Anwar, Zeeshan Ahmed and Ali Ghaffar – were present in the court today. Shoaib Shaikh marked his attendance in the court and left.
The Axact scandal surfaced in May 2015, when The New York Times published a report which claimed the company sold fake diplomas and degrees online through hundreds of fictitious schools, making “tens of millions of dollars annually”.
Hearings in around 30 different cases of arrest and bails of accused Shoaib Shaikh are being conducted in lower courts, Islamabad High Court, Sindh High Court and the Supreme Court.
The noose tightened around the Axact CEO with the initiation of another money laundering case, involving billions of rupees, by the State Bank Circle, Karachi last month.
Confirming the start of yet another enquiry by the State Bank Circle, Karachi, the Federal Investigation Agency said it is trying to probe Shoaib 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.
