KARACHI: Local court on Thursday ordered to re-open the sealed accounts of the IT company Axact on immediate basis, Aaj News reported.
According to the court, Federal Investigation Agency (FIA) failed to prove the money laundering case’s evidence against Axact. During the hearing, court ordered to restart company’s transaction process.
A little more than a year, Axact’s operations were closed. The closure occurred in lieu of the Federal Investigation Agency (FIA)’s inquiry into the company’s involvement in a fake degree scandal. The company was first accused of a fake degree scam in May 2015 by a journalist in the American newspaper The New York Times.
Shoaib Sheikh – CEO of Axact, and BOL Media Group and six directors of Axact were detained by FIA officials on May 25, 2015, when thousands of fake degrees were recovered from the company’s offices during a raid.
However, Shoaib Shaikh was granted bail by the Islamabad High Court on August 31.