Axact CEO Shoaib Shaikh records statement at FIA office

KARACHI: The central character in the fake degree scandal, Axact CEO Shoaib Shaikh appeared before the Federal Investigation Agency’s Corporate Crime Circle on Tuesday for interrogation.


Director FIA Sindh Shahid Hayat interrogated Shaikh, who appeared before him along with four other Axact senior employees including the heads of the company’s Accounts and Human Resource departments.

FIA Deputy Directors Ashfaque Alam and Kamran Ataullah were also present during the questioning.

The Axact CEO, who is being probed for an alleged massive scam selling fake academic degrees online, said he had brought with him financial documents as requested by the FIA.

According to sources, Shaikh has been unable to provide a list of expenses, as asked by the FIA investigators.

Sources said that the FIA has sought from Axact No-Objection Certificates (NOC) of educational institutes, documents pertaining to affiliation with the Higher Education Commission (HEC) and documents related to revenues from fees earned.

Questioning carried on for over two hours and at the time of filing of this report, was still underway at the FIA office.

Shaikh was grilled for a straight six hours on Monday and was called again today for questioning along with documents relating to his company’s finances.

FIA Director Hayat told reporters on Monday that, in addition to Shaikh, other employees would also be interrogated today.

The Axact scandal came to light when the New York Times published an investigative report claiming that the Pakistani IT company had made millions of dollars selling fake degrees online.

Following the NYT story, Pakistan authorities were quick to act as Interior Minister Chaudhry Nisar Ali Khan ordered the FIA to launch a probe into the fake degree scandal.