Axact CEO Shoaib Shaikh Granted Bail After 15 Months In Custody.Sindh Hight Court on Monday granted bail to Axact Chief Executive Officer Shoaib Shaikh and14 other co-accused who were undergoing trial on charges of fraud, extortion and money laundering.
According to reports, Justice Muhammad Iqbal Kalhoro granted bail and all accused are ordered to furnish Rs500,000, each, surety with courts Nazir as deposit.
Shoaib Shaikh along with six directors of the company was taken into custody on May 27, 2015 after investigators found hundreds of thousands of forged degrees and students ID cards from a secret office of the company in Karachi.
In June last year, a district sessions court in Karachi sent Shaikh and eight others on a two-day judicial remand in the fake degree case.
During the hearing, FIA investigators contended before the court that concrete evidence was discovered against the accused during their investigation.
Source: Express Tribune