August 24, 2016
A district and sessions court on Wednesday acquitted Axact CEO Shoaib Shaikh in a money laundering case over lack of evidence.
Quashing the money laundering case against Shaikh, the defence moved an application under section 265-k of the Code of Criminal Procedure (CCP) before South District’s additional sessions judge. The application sought acquittal of the accused since the prosecution failed to bring any evidence supporting their claim on record, Shaikh’s attorey Imdad Ali Saheto told The Express Tribune.
The case over hawala hundi allegations was established alongside the main Axact case. It is the first case the Axact CEO has been relieved of charges in.