Axact CEO Shoaib Sheikh arrested

Axact CEO Shoaib Sheikh arrested

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

The Axact CEO's legal counsel had requested the court to grant a three-day protective bail.

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

Shaikh's legal counsel reportedly advised him to surrender to law-enforcement agencies as he had no other option after the rejection of his bail plea.

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

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

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

The court ordered Axact's CEO Shoaib Shaikh and others accused in the case to 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.