FIA registers a money laundering case against AXACT

By Maryam Dodhy on
August 7, 2015
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The Axact scandal won’t be going away anytime soon because new details appear to have surfaced yet again. After thorough investigations, the Federal Investigation Agency (FIA) has found that the disgraced company was also involved in money laundering. According to the investigations, Axact has been found involved in laundering up to Rs 6 billion annually through its inland and off-shore bank accounts.

The FIA submitted details of the seized bank accounts of Axact company and its employees to the Sindh High Court (SHC) on Thursday. During the hearing, the FIA stated that it had written a letter to the concerned bank authorities and directed them to make sure that no transactions should be made from these accounts.

See Also: Axact Fake Degrees Scam: Shoaib Shaikh arrested & a case filed against organization

While speaking on the case, FIA officials said:

“The FIA has decided to file money-laundering cases against the company as well as cases of fraud. The FIA has collected proof of money-laundering spread out over five years. The amount comes to approximately Rs 30 billion in this period. On the basis of these proofs, the FIA has decided to club money-laundering cases with the other fraud cases against Axact.”

See Also: 3 Former Employees Agree to Testify Against Axact CEO Shoaib Shaikh

The FIA initiated investigations against the company in May, after the New York Times published an article on the fake diploma mills operation run by Axact. The FIA arrested Shoaib Shaikh along with company’s other officials on 27th May 2015 from their office in Karachi and seized thousands of fake degrees and student identity cards.

-Source Express Tribune

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