FIA makes preparations for confiscation of Axact properties

KARACHI: After the registration of a case under Hawala/Hundi in Axact scandal, the Federal Investigation Agency (FIA) has made all the preparations for confiscation of property.Proceedings in this regard will be formally launched after the approval by a local court on October 27.
According to details, a case was registered against the CEO of Axact company, Shoaib Ahmed Shaikh, and others by the Commercial Banking Circle of FIA two days ago in Axact scandal on the charges of transfer of millions of rupees through Hawala/Hundi.
According to sources, after the registration of the said case, the FIA has made all the preparations for confiscation of all the property linked with Axact. Formal proceedings will be launched after approval by a local court in Karachi.
The sources said that hearing in the case in question will be held on October 27 in which the FIA has prayed the court that through the business of fake degrees in Axact the CEO of the company, Shoaib Ahmed Shaikh, and other accused acquired properties worth billions of rupees. Since the income derived through the business of fake degrees is illegal, therefore, the properties bought with that income are also illegal. The properties bought with the income derived illegally must be confiscated by the government.