Axact Chief Executive Officer (CEO), Shoaib Ahmed Shaikh, on night between Tuesday and Wednesday after a case of selling fake degrees, fraud, forgery and money laundering was registered against him. The Company’s Chief Operating Officer (COO) has also been arrested.
Shoaib Ahmed Shaikh will be produced within 24 hours in the Magistrate’s court. On the other hand, Axact offices in Karachi have also been sealed. Earlier, the FIA team recovered millions of fake educational degrees during a raid on a building opposite to Axact office in Karachi.
According to the details, the FIA had previously recorded statements from Axact’s CEO during a 9 hour long interrogation. Both FIA’s Cyber Crime circle and corporate circle interrogated Sheikh separately. The FIA officials asked questions regarding Axact’s assets, business and fake degrees during the long interrogation.
FIA Director Shahid Hayat stated that the search of Axact’s office was conducted in the presence of the Magistrate and a great amount of evidence was collected. He stated that millions of fake degrees and student cards were found during the search. Axact’s COO Waqas is the brother in law of Sheikh.
According to the sources, investigation of the documents demanded from Sheikh is also underway. Axact’s more than 34 cyber accounts could not be verified. The investigation circle is expected to be widened on the basis of suspicious accounts.