SHC seeks FIA reply on Axact CEO bail plea

KARACHI: The Sindh High Court (SHC) on Friday issued notices to the Federal Investigation Agency (FIA) on Axact Chief Executive Officer (CEO) Shoaib Shaikh’s appeal against the verdict of an additional district & sessions court that rejected his bail application in ‘Hawala’ case.

The trial court on March 01 had threw out the bail application of Shoaib Shaikh who was arrested by the FIA after the SHC accepted FIA appeal against his acquittal.

According to FIA, Shoaib along with others, was involved in transferring Rs170.17 million to a Dubai-based firm, Chanda Exchange Company, in April 2014 through illegal channel. The defence counsel; however, denied the charges and requested the court to release Shoaib on bail.

In his bail plea, the Axact CEO prayed to the court to order his release on bail, contending the charges labelled against him baseless. After preliminary hearing, the SHC issued notice to FIA and others directing them to submit their respective replies by March 14.