Axact CEO granted bail in ‘fake degrees’ case


ISLAMABAD: An additional and sessions court in Islamabad Wednesday granted bail to Shoaib Shaikh, a Chief Executive Officer (CEO) of IT company Axact in the fake degrees case.

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According to our correspondent, additional and sessions judge Pervaiz Qadir also approved bail of Axact’s Manager Operations Waqas Atiq.

The judge approved the bail plea against a surety bond of Rs200,000 each.

The court had reserved its verdict on August 29 after hearing arguments from both parties.

Last week, a local court in Karachi dropped charges of money laundering against Shoaib Shaikh.

A case was filed by the Federal Investigation Agency (FIA) against the Axact CEO, accusing him of sending Rs.270 million to Dubai through the illegal hundi system.

However, the court, after hearing FIA officials, declared all charges against the accused null and void.

On August 15, the Axact CEO and 13 others were granted bail in fake degrees case by the Sindh High Court.

Justice Iqbal Kalhoro approved the bail plea against a surety bond of Rs500,000 each after hearing arguments from both parties.

The Axact scandal surfaced in May last year when The New York Times published a report that claimed the company sold fake diplomas and degrees online through hundreds of fictitious schools, making “tens of millions of dollars annually”