FIA presents Shoaib Shaikh before court in money laundering case Axact CEO Shoaib Shaikh pictured as officials of the Federal Investigation Authority (FIA) transport him to the district court for the hearing of a money laundering case against him here on February 27, 2018. Photo: Geo News KARACHI: Axact CEO Shoaib Shaikh reached the district court south for the hearing of a money laundering case on Tuesday. Shaikh was arrested on Monday evening after the Sindh High Court (SHC) rejected his protective bail application, which was submitted after the court approved the Federal Investigation Agency's (FIA) appeal against the acquittal of those accused in the Axact money laundering case. The Axact CEO's legal counsel had requested the court to grant a three-day protective bail. Hearing of Axact fake-degrees case adjourned The court had earlier heard the case regarding the issuance of fake degrees and diplomas by the company. Additional district and sessions judge south ordered the FIA to submit details of the appointment of a lawyer for the case. FIA arrests Axact CEO Shoaib Shaikh in money-laundering case Personnel of the FIA, police and Rangers were instructed to arrest the Axact CEO after the SHC approved FIA's appeal The judge, irked by the media coverage, ordered police officials to remove all journalists from the courtroom. The court then adjourned the case's hearing till March 3. Session court ordered to charge accused The sessions court on Monday was ordered to charge the accused persons and wrap up the case within three months. The court had ordered Shaikh and others accused in the case to appear before the trial court on March 3. The cases The Axact scandal surfaced in May 2015, when The New York Times published a report had claimed the company sold fake diplomas and degrees online through hundreds of fictitious schools, making “tens of millions of dollars annually”. The FIA had then filed a plea against the acquittal of Shaikh in 2016 in a money laundering case, arguing that he was exonerated from the charges by the trial court despite strong evidence that proved his involvement in money laundering. The accused in the money laundering case include, Chanda Exchange Company's Mohammad Younis and Junaid, who allegedly received 170 million rupees through 116 cheques.