FIA submit details of Axact’s bank accounts

The Federal Investigation Agency (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 submitted 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. According to the FIA, the Axact’s officials were involved in money laundering.

The FIA also submitted the details of Axact’s accounts which were seized by them. According to the FIA, they seized several accounts of Axact’s officials and employees which were in Habib Bank Limited, Askari Bank Limited, Allied Bank Limited, Standard Chartered Bank and Meezan Bank. The court adjourned the hearing till 13th August.

The FIA is investigating into charges of selling fake degrees and money laundering by Axact, its Chief Executive Officer (CEO) Shoiab Shaikh and other officials. The FIA arrested Shoiab 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.

The fake degree scandal came to the light when the New York Times published an investigative report alleging that Pakistan’s one of the best IT companies, Axact, is involved in selling fake degrees online.

A SHC bench was hearing the petition against seizure of Axact’s bank accounts filed by Ayesha Shoaib Shaikh.

The woman petitioner submitted that the FIA had seized accounts of Axact’s directors, employees and their family members. The freezing of the bank accounts is causing stoppage of employees’ salaries. Others routine expenses were also pending due to freezing of the accounts, she pleaded.