More money laundering inquiries kick off against Axact CEO

KARACHI: The noose is being tightened against CEO Axact Shoaib Shaikh with the initiation of another money laundering case, involving billions of rupees, by the State Bank Circle, Karachi.

Confirming the start of yet another inquiry by the State Bank Circle, Karachi, the FIA officer said they are trying to probe Shoaib Shaikh's source of income as well as the source of money to purchase the Axact company’s central office in Khayaban-e-Ittehad, Defence, luxurious residence of accused Shoaib Shaikh, two large buildings of Axact's Bol TV, dozens of vehicles, DSNG vans, expensive technical equipment and for construction of several buildings. The FIA officer termed the inquiry as "very sensitive".

Besides, the FIA would also conduct a probe into the sources of money to purchase millions of rupees worth technical equipment for TV channels. The FIA is trying to find if the equipment was purchased, smuggled or brought by misdeclaration or if here also money laundering was committed. This inquiry is in preliminary phase, the officer said.

Already a money laundering case no 51/2015 against Shoaib Shaikh is registered with FIA’s Commercial Bank Circle in Karachi, which is to be heard by the Additional and Sessions Judge (South) VIII.

Meanwhile, hearings in around 30 different cases of arrest and bails of accused of Shoaib Shaikh are being conducted in lower courts, Islamabad High Court, Sindh High Court and the Supreme Court but Shoaib Shaikh has not appeared in any of them.

Another hearing is scheduled for March 30 in the court of District and Sessions Judge to determine if the Additional and Sessions Judge South VIII, Ms Saira Junejo will hear the money laundering caset. Similarly, on March 31, Sindh High Court Judge Mr Nazar Akbar will hear the bail plea of Shoaib Shaikh.