A district and session court in Islamabad has sentenced Axact’s Chief Executive Officer (CEO) Shoaib Shaikh and 22 others to seven years in prison in fake degree case.
Shaikh and the aforementioned others will have to serve three years each under Sections 419 and 420 of Pakistan Penal Code. They were also imposed a fine of Rs0.3 million each. 471, and The accused were also sentenced to seven years each under sections 468 and fined Rs1 million each.
While three other accused, including Ayesha Shoaib Shaikh, were acquitted by the court in the case. District and Sessions Judge Chaudhry Mumtaz Hussain announced the judgment on Thursday, saying that all sentences will be implemented consecutively. The accused, however, were acquitted of the money laundering and electronic crime charges.
On June 20, an additional district and sessions judge in North Karachi indicted Shoaib and others in a multi-million money laundering case.
The hearing of the money laundering case resumed in the lower court and the accused pleaded not guilty. The court also summoned witnesses on the next hearing.
