KARACHI (Web Desk) – A sessions court has acquitted Axact CEO Shoaib Ahmad Shaikh in a money laundering case.

Shaikh, who also heads the BOL Media Group, had been in jail after being accused of illegally transferring Rs170m abroad.

Two other accused in the case are on bail.

Shaikh’s acquittal is being seen as a major victory for Axact and BOL, the media group that was shut down by FIA last year after its parent company was found involved in illegal degrees scam.

Last week the Sindh High Court had granted bail to Shaikh and 13 others in a separate case relating to alleged selling of fake degrees.