Axact CEO sent to jail in illegal money transfer case

KARACHI: A local court on Tuesday sent Axact Chief Executive Officer (CEO) Shoaib Ahmed Shaikh, who was arrested a day earlier by the Federal Investigation Agency, to prison on judicial remand in ‘Hawala’ case.

The court also issued a notice to FIA for March 03 and sought a reply on Shaikh’s bail application. Shaikh was nabbed by FIA on Monday outside the Sindh High Court (SHC) after it had annulled his acquittal from the Sessions Court and ordered retrial of the case. The SHC had also directed the relevant court to decide the case within three months.

According to FIA, Shoaib along with others, was involved in transferring Rs 170.17 million to a Dubai-based firm, Chanda Exchange Company, in April 2014 through illegal channel.

Earlier on Monday, a SHC division bench, headed by Justice Naimatullah Phulpoto, set aside the trial court’s verdict and ordered retrial of the case. The district and sessions court had freed the Axact chief from the charges while hearing an application under section 265-K of Criminal Procedure Code.