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.