Axact owner booked for money laundering, two arrested

KARACHI: The Federal Investigation Agency (FIA) has registered a case against the Axact owner on the charge of sending over Rs170 million through a reference and ‘Hundi’ abroad.Besides Shoaib Sheikh, the money exchange company and a bank have been nominated in the case and two persons, Younis and Junaid, were arrested in this regard. The FIR was registered in the Commercial Banking Circle of FIA under the Foreign Exchange Regulation Act 1947, and under sections of sending money abroad illegally.According to sources of FIA, cheques for heavy amount were paid to a few exchange companies of Karachi through the account of DSH Branch of Habib Bank Limited since April 24, 2014 by owner of Axact Company Shoaib Sheikh. At least Rs2 million to Rs3 million were withdrawn from this account and sent to Dubai and other countries in the shape of dollars. The FIA obtained all the details of this bank and arrested director of the exchange company and recorded his statement. The cheques were issued through the signs of Shoaib Sheikh.