Axact CEO Shoaib Sheikh arrested by FIA

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Axact CEO Shoaib Sheikh arrested by FIA

ISLAMABAD – The Federal Investigation Agency (FIA) arrested Axact CEO Shoaib Shaikh on Tuesday evening for his involvement in Axact fake degree scandal.

Shoaib will be presented before a local court in the federal capital.

Previously, a court in Pakistan’s federal capital had awarded a total of 20 years imprisonment to Axact Chief Executive Officer and 24 others each in a fake degree scam case that rocked the country three years ago.

District and Session Judge Mumtaz Hussain had also imposed a fine of Rs0.5 million each on the Axact CEO and 23 other employees for forging for purpose of cheating. The accused were handed down sentences under various charges, amounting to a collective punishment of 20 years each. However, since all the sentences will run concurrently, the maximum time each convict would have to spend in jail is seven years.