Pakistan

Axact charged again: FIA registers money laundering case

Axact has been found involved in laundering up to Rs6 billion annually through its inland and offshore bank accounts

Naveed Miraj August 07, 2015

Axact has been found involved in laundering up to Rs6 billion annually through its inland and offshore bank accounts. PHOTO: THE NEW YORK TIMES

ISLAMABAD:

After thorough investigations into the Axact scandal, the Federal Investigation Agency (FIA) has found that the company was also involved in money laundering.

“The FIA has decided to file money-laundering cases against the company as well as cases of fraud,” sources involved in the investigations told The Express Tribune on the condition of anonymity.

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.

The FIA took into custody the chief executive of the company along with some other directors. After initial investigations they were shifted from Karachi to Islamabad on an order issued by Sindh High Court. The suspects are under remand with the FIA for investigation.

Published in The Express Tribune, August 7^th, 2015.

COMMENTS (3)

Sultan Lakhani | 9 years ago | Reply I really appreciated this report but nothing is going to happen and we will sue a huge amount of money, wait and watch. Unfortunately I have to keep on posting reality checks for the overzealous and the pessimists however this will be the final one. You kids have reduced today's victory into rubble not because the court screwed us over or the FIA playing games and because of the incompetence of our legal team. You have again stooped down into the same filth of uncertainty and immaturity because of your own lack of understanding , common sense and sheer stupidity. If all the morons which this news is directed towards pay attention they would stop being idiots and rejoice and patiently await the eminent victory that is now about to prevail. Case 1. Salary accounts hearing etc: The judge has indicated in writing that FIA will no longer be given any further extensions and this means the judges now cannot go against it according to the code of conduct of the Pakistan penal code. The judge only have another weeks time to the investigation team reaffirming the rumors that they cannot or have not the material supporting money laundering or any financial misconduct hence the plaintiff is now just desperately trying to cover it's impotence and infertility and is just trying to save face in front of the judiciary and the media. In short on the next hearing the courts will seek hardcore evidence otherwise the ruling shall be in the favor of the defence i.e. MS AXACT. Money laundering cases take a little time and as you can see even though a tip celebrity recently caught red handed is now out on a bail nevertheless it took her four months to secure it so in essence the hearing if the plaintiff fails to produce evidence proving money laundering the case will be dismissed resulting in a.counter law suit or worse the wrath of the media and the judiciary. So be patient and see how our lawyers will reduce the plaintiff into pieces. Case 2 employees bail. As mentioned above the plaintiff is trying.to cover their rear ends by trying to frame fake evidence and certain traitors who have become approvers i.e. state witnesses however so far they have been buying time since they had been hoping to get something concrete. In their typical fashion of delaying and pressuring the defence they never handed over the case material or the alleged evidence to the defence so it was our lawyers who asked the courts to give them time and also get them the case file etc so a strong appeal for the bail could be made hence in simple words next three hearings will result in bail approved. Biasness in its peak, lol. NYT paid you in dollar and we all know how your organization get this through which channel. When our turn comes we will meet in court again and BOL will publish this news.

Mushtaq Ghani | 9 years ago | Reply Every time they go in front of court they are just trying to buy more time in the name of investigation. Before filing the case of fraud they said they have enough evidences. But in court they are still not able to prove anything. Typical corrupt system of Pakistan. The innocents are still in Jail and culprits like Ayyan are out. Shame

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