KARACHI:Axact CEO Shoaib Shaikh was arrested on Monday evening aftertheSindh High Court (SHC) rejected his protective bail application, whichwas submitted after the court approved the Federal Investigation Agency’s(FIA) appeal against the acquittal of those accused in the Axact moneylaundering case.

The Axact CEO’s legal counsel had requested the court to grant a three-dayprotective bail.

Shaikh, who arrived at court early morning, was present inside the courtpremises for around 10 hours.Personnel of the FIA, police and Rangers wereinstructed to arrest the Axact CEO after the SHC approved FIA’s appeal.

Shaikh’s legal counsel reportedly advised him to surrender tolaw-enforcement agencies as he had no other option after the rejection ofhis bail plea.

A division bench of the SHC, headed by Justice Naimatullah Phulpoto, washearing an appeal filed by the FIA against the acquittal of the Axact chiefin a case pertaining to illegal transfer of Rs170.17 million to aDubai-based firm, Chanda Exchange Company, in April 2014.

The two-member SHC bench also sent the case to the trial court for furtherproceedings.

The sessions court was earlier ordered to charge the accused persons andwrap up the case within three months.

The court ordered Axact’s CEO Shoaib Shaikh and others accused in the caseto appear before the trial court on March 3.

The accused include,Chanda Exchange Company’s Mohammad Younis and Junaid,who allegedly received 170 million rupees through 116 cheques.