Axact CEO Shoaib Shaikh’s bail rejected

KARACHI: A local court on Thursday rejected the bail plea of Axact CEO Shoaib Shaikh in a money laundering case. Shoaib Shaikh is facing charges of corruption (money laundering) of around Rs170m.

He was arrested by the Federal Investigation Agency (FIA) on Monday (February 27) soon after the Sindh High Court (SHC) rejected his protective bail plea in the money laundering case. Shaikh was directed by the SHC to be produced before the trial court.

The judge of the additional district and sessions judge (South), after hearing the arguments on the bail plea of Shoaib Shaikh, announced to reserve the ruling and later announced rejection of the bail plea in the money laundering case.

Shaikh was produced on Tuesday before the same court of additional district and sessions judge (South) that ordered to send him to the prison on judicial remand till March 3 as the FIA investigators raised no objection. Since the investigation officer (IO) had not sought any physical remand of the accused, the court had to send him ultimately to the prison on judicial remand.

The protective bail plea was dismissed by the bench headed by Justice Naimatullah Phulpoto. Shoaib Shaikh was arrested by the FIA outside the court and was shifted to its headquarters on Monday. He was due to be produced before the trial court on the same day, but his counsel stated that his client was busy in the SHC and was unable to appear. However, he was produced before the court on Tuesday that sent him to the prison on judicial remand.