Court rejects protective bail; FIA arrests Axact CEO Shoaib Shaikh

The Federal Investigation Agency (FIA) on Monday arrested Axact Chief Executive Officer (CEO) Shoaib Sheikh after the Sindh High Court (SHC) accepted the agency's appeal against his earlier acquittal in a money laundering case.

The court approved FIA’s appeal against the acquittal of those involved in Axact money laundering scandal, after which the authorities arrested Shoaib Shaikh from outside the court.

According to reports, Axact CEO’s legal counsel advised him to surrender before the authorities since he had no other option.

The Axact chief, along with his lawyers, had holed up inside the court's premises for several hours to avoid arrest. His counsels had meanwhile insisted that the court had not ordered for Sheikh's arrest and that he should be given time to approach a court for bail.

Earlier this month, the Supreme Court of Pakistan directed the SHC and IHC to decide the pending appeals against the acquittal of the accused of Axact fake degree scam, while also taking notice of the money laundering case.

A two-member SC bench, comprising Chief Justice Mian Saqib Nisar and Justice Ijazul Ahsan, directed the SHC to form a two-member bench and decide the pending appeal within 15 days.

The court directed the IHC to decide the government’s appeal against the acquittal of the accused in three weeks.

The court directed a trial court in Karachi to decide on the prosecution’s plea seeking cancellation of the accused bail in two weeks. The court also directed the subordinate courts to suspend bails of the accused if they did not cooperate with them.