Axact CEO Shoaib Shaikh granted bail in ‘Fake Degrees Case’
The Sindh High Court approved the long-sought bail pleas against a surety bond of Rs 500,000 each following intense arguments in the court today.
All the accused granted bail in the high-profile case were in custody for the past almost 15 months since a scandal surfaced in May last year that claimed that the IT company Axact was involved in selling fake online academic qualifications to thousands of students globally particularly in the Middle East.
Lawyers for the company maintained in the court on Monday that the Federal Investigation Agency (FIA) and the prosecution lawyers had been employing delaying tactics for the last 15 months on the command of the federal government.
They also pointed out that there had been no headway in the case since the accused have not even been indicted in the case nor any complaint came up against them in the case for that matter.
The Axact scandal surfaced in May 2015 when The New York Times published a detailed article that alleged Shaikh’s company sold fake degrees, diplomas and certificates online through hundreds of fictitious online academic institutions, making a staggering amount of sum every year in dollars.
Subsequently, Axact’s CEO and major company officials were arrested, its offices were sealed, and an investigation begun based on the serious allegations levelled by the NYT.