Rs170m money laundering case: Axact CEO bail case: SHC adjourns hearing till March 14

KARACHI: The Sindh High Court on Friday issued notices to prosecutor general and additional attorney general on bail application filed by Axact’s chief executive officer Shoaib Ahmed Sheikh in Rs.170.17 million money laundering case.

The bail application was filed by the Axact CEO after rejection by the additional district and sessions court on March 1, 2018. The Axact CEO was arrested by the FIA after the Sindh High Court set aside acquittal of Shoaib Sheikh and two directors of money exchange company by the trial court in a money laundering case.

According to the FIA, accused Shoaib Sheikh opened account in Habib Bank DHS branch in the name of his mother having mandate in his own name that on very next date showed his malafide by issuing as many as 116 cheques from his office under his own signatures and in favour of vendors of the company owned by accused.