Axact CEO Shoaib Shaikh, 22 others get 7 years jail term in fake degree case

A district and session court in Islamabad on Thursday sentenced Axact’s Chief Executive Officer (CEO) Shoaib Shaikh and 22 others to seven years in prison in fake degree case.

While three other accused, including Ayesha Shoaib Shaikh, were acquitted by the court in the money laundering and electronics crime cases.

Hearing adjourned due to Shoaib Shaikh’s absence

On June 20, an additional district and sessions judge in North Karachi indicted Shoaib and others in a multi-million money laundering case.

The hearing of the money laundering case resumed in the lower court and the accused pleaded not guilty. The court also summoned witnesses on the next hearing.

*This is a developing story and will be updated accordingly.

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