Axact CEO Shoaib Shaikh sent to prison on judicial remand

KARACHI: A local court on Tuesday sent Axact CEO Shoaib Shaikh to prison on a judicial remand in the money laundering case of over Rs170 million, till March 3.

Shoaib Shaikh was arrested by the Federal Investigation Agency (FIA) on Monday soon after the Sindh High Court (SHC) rejected his protective bail plea in a money laundering case. Shaikh was directed by the SHC to be produced before the trial court.

The Additional District and Sessions Judge (South) ordered to send the accused to the prison on judicial remand till March 3. The investigation officer did not seek any physical remand of the accused; the court, therefore, sent him to the prison on judicial remand.

Shoaib Shaikh was arrested on Monday by the FIA from outside the court and was shifted to its headquarters. Earlier on Monday, the SHC had accepted the FIA appeal against the acquittal of Axact CEO Shoaib Sheikh in the money laundering case and directed the lower court to conduct retrial and decide the case within three months.

Aggrieved with the acquittal of Axact CEO and director M/s Chanda Exchange Mohammad Younus and branch manager Mohammad Junaid in a money laundering case by a trial court without framing of charge and recording of the prosecution evidence, the FIA had appealed against the acquittal of the accused.

According to the FIA, accused Shoaib Sheikh opened an account in a bank in the name of his mother and while using mandate in his own name, issued 116 cheques worth over Rs170 million in favour of vendors of a Dubai based company allegedly owned by the accused himself and got the money transferred through the Chanda money exchange.