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
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 7th, 2015.
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 7th, 2015.