Money laundering case dropped against Axact CEO

A local court in Karachi dropped charges of money laundering against Shoaib Shaikh, the Chief Executive Officer (CEO) of IT company Axact, Samaa reported Wednesday.

According to our correspondent, a case was filed by the Federal Investigation Agency (FIA) against the Axact CEO, accusing him of sending Rs.270 million to Dubai through the illegal hundi system.

However, the court, after hearing FIA officials, declared 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 annually”

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