KARACHI: Chief Executive Officer of Axact, Shoaib Sheikh has been sent to jail on judicial remand till March 03 in money laundering case a day after his acquittal was cancelled in the same case by the Sindh High Court.
The Federal Investigation Agency presented the accused before the court of Additional District & Sessions Judge South Sara Junejo today.
On Monday the SHC set aside the acquittal of Shoaib Sheikh, and two directors of a money exchange company by the trial court in a Rs170.17m money laundering case. The FIA later arrested Sheikh following rejection of their protective bail by the SHC’s single bench.
An additional district and sessions court had acquitted the Axact CEO and two money exchange company directors in Rs.170.17 million money laundering case last year and the FIA had appealed against the verdict, citing grave miscarriage of justice to the state in the form of huge monetary loss caused to the national exchequer by all the accused.
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