Axact CEO Cleared in Money Laundering Case

After loads of drama over the past year, a district and sessions court has acquitted the Axact CEO, Shoaib Shaikh, in the money laundering case due to lack of evidence. He, along with 14 BOL media employees were arrested in the fake degree scandal. The FIA charge sheet accused the company of issuing fake US based degrees to over 240,000 students and allegedly earning $205 million in the process.

Defending against the money laundering case, the defence lawyers moved an application under section 265-K of the Code of Criminal Procedure (CCP) before the South District’s additional sessions judge. The lawyers were seeking clearance against these charges because the prosecutors failed to present any evidence supporting their allegations.

The accused have been cleared of all money laundering charges due to lack of evidence

The case against money laundering was established alongside the main Axact case. This is also the first case which has received the final judgment in favor of Shoaib Shaikh.

More than a week ago, Sindh High Court granted bail to Axact CEO and other members included in the charge sheet. All 15 people received bail approval in the fake degree scam after Justice Muhammad Iqbal Kalhoro’s decision.

Shaikh, along with six directors in his company were arrested on May 27th last year. Allegedly, investigators found about 400,000 forged student IDs and degrees from the company’s secret office. Most alleged criminals were also sent for a 2-day judicial remand in the same case.

The fake degrees case is still pending a decision

FIA investigators reportedly stated that concrete evidence was discovered against the accused during the investigation process. The investigators even managed to locate Abdul Rauf, Axact’s employee who printed the fake degrees. He is also amongst the witness list, said an investigation officer.

The officer upheld the statements of three witnesses which will be recorded during the next hearing regarding the fake degree case. The judge also asked the FIA to submit a health report of the accused criminals. FIA is still decoding the computers and data seized from the company over a year ago and have delayed the case to reveal the information on them.

The Axact case and drama is far from over. While the accused have been allowed bail for Rs. 500,000 each, they are still not free as the main case regarding the fake degrees is still pending a decision.

He is the Editor-in-Chief at ProPakistani. Reach out at aadil.s[at]propakistani.pk


    • han ab usama jaisay log paisay dekar aram se degree lelen ge. koi tension walee bat nahi , hume nam ki degree chahiye shaoor , sharam , heya jaye bhaar mai :)

      • Asal degree lai kar laug yaha kia marka mar laite hai koi job available nahi.Aur agar hai tau pay itne kam pay hai kay us say acha banda ghar hai beth gaye ye phir naan chana bech lai.

        • Qasmay bara profit hai naan tandoor mai . ph8 defence khi ki bat karlo . houses under construction magar tandoor abhi se open . saree labour needs tandoor roti. jab makan poora then ameer admi needs tandoor rotee.

          long story short

          tandoor naan + chaye paratha > engineer , doctor

  • If this was supposed to happen then what was the whole fuss about? Looks like this whole episode was just to stop BOL from launching so that all the TV channels can save their anchors and other employees from leaving their channels..

    • not looks like, it was confirmed at the time of start of this fake drama, all this was done by GEO and Express news channels.

      • They were selling degrees and its true because i have worked there. They have destroyed more lives than any other politician have done ever. This was gareeb ki baddua type thing because all this time i thought they were working for govt and establishment but their real faces were reveled after all this. Because i have seen people crying on phone calls for their careers and jobs. People have been jailed due to their degrees and they celebrated their failures and sorrows in the name of X1000 because they successfully fooled more people. And o must say this all was nothing possible without their creative call center agents I must say the day they got hired they already sold their souls to satan.

        • Mister admin, please share the IP address of this person with FIA and other authorities so that they can start a case as per new Cyber Crime Bill. :-)

        • Ek tumny kaam kiya hy, ek “Sheldon Cooper” ny teesra nechy waly comment me hy “ImranG”
          Lekin sab k sab ghairatmand or andar ki story jan’ny waly or bongiyan marny waly to kia koi bhi shakhs court me ek saboot nhi de saka, 2 saal hony ja rahy hain lekin FIA abhi tak computers ko decode nahi kar paayi

          or beta jo log roty thy, ya jinko jail hui unki GOVT bhi c***tia hy na k kuch nahi kiya aaj tak
          Geo ny report di k ek Philippines ny degree li (imagine Philippines jo k $200 monthly bhi nahi kamaty) usny $2500 minimum ki degree purchase ki or ab Dubai me nurse lagi hui hy…

          Or sab se important baat, degree per john carry k signatures hain, US to sab se bara chay hy na k usny kuch nhi baka jab k baki ki baton k liye do more do more karta rehta hy

        • John Carry boht choti cheez hay na k uski signatures wali degree koi bhi sale karyg lekin usky khilaf koi action nahi hoga
          Salam thokon tere lliye???

      • aap ki baat sahi hai about GEO and Express. But yeh jo fake drama wali baat hai woh kuch samajh nahi aai, everyone in the industry knew something fishy about axact, so jab koi garbar thi tabhi tu usko expose kia na.

        • Sir expose karain case chalain phr company close kar dain… yahan sab ulta hua end main kuch b ni nikalna…

    • +1. Don’t worry eik din geo pe be zawal ayega jaise mqm pe aya hai. Eik din rangers geo ke offices ko be seal karienge INSHALLAH.

        • My cousin was an employee over there and he told me that they were selling degrees. Why dont you think before believing?

          • It happens all over the world, everybody sells fake degrees. What do Lynda and Udemy do? Can you make billions of dollars by selling degrees? If so, why they were not caught?

            • Shoaib, did just one mistake. He could take a simple useless exam before awarding degrees. Just doing that much would have made his business legal. He is an exemplary scam artist btw. He used John’s signature to add credibility to his degrees. We may think thats is ridiculous but gullible people fell for that.
              He could learn a thing or two from BZU.

  • Axact was bringing lots of revenue and it was our leading IT company. Let’s say they had services which had allegations what was point of closing it on whole? Its like your arm is infected & doctor kills you…


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