According to the investigations, Axact has been found involved in laundering up to Rs6 billion annually through its inland and offshore bank accounts.
“The FIA has collected proof of money-laundering spread out over five years. The amount comes to approximately Rs30 billion in this period,” the sources said.
They further added “on the basis of these proofs, the FIA has decided to club money-laundering cases with the other fraud cases against Axact.”
The FIA initiated investigations against the company after the New York Times published an expose on a fake diploma mills operation run by Axact.