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

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. The cheques were delivered by the employees of Axact to co-accused person who were directors and branch manager of M/s chanda exchange. The FIA alleged that Shoaib Sheikh along with directors of the money exchange company illegally sent Rs.117.17 million remittance through Hawala to Dubai in violation of the foreign exchange laws. A case was registered against Shoaib Sheikh and two others under section 5,8,22,23 of Foreign Exchange Regulation Act and section 109/34 of Pakistan Penal Code.

The counsel submitted that the prosecution failed to provide sufficient and concrete evidence to prove the guilt of the accused who had obtained money through legitimate businesses. He submitted that neither the State Bank nor the federal government had sent complaint to FIA as the money was received by the applicant through proper channel. The SHC’s single bench headed by Justice Salahuddin Panhwar after preliminary hearing of the application issued notices to prosecutor general Sindh, additional attorney general for March 14 for further arguments on the bail application.