Axact-BOL boss Shoaib Shaikh taken into custody

 JournalismPakistan.com |  Published: 27 May 2015

Shoaib Ahmed Sheikh, the Chairman and CEO of Axact and BOL Media Group, has been taken into custody following a Federal Investigation Agency (FIA) raid. The investigation revealed the recovery of numerous fake university degrees and student IDs at the Axact office.

Summary

KARACHI: Chairman and CEO of Axact and BOL Media Group Shoaib Ahmed Sheikh was taken into custody in the early hours of Wednesday from his office following investigations by Federal Investigation Agency. Sheikh and seven other directors will be produced before a banking court on Wednesday morning. The arrest came after a FIA raid on the Axact office on Khayaban-e-Ittehad, where officials said a large number of university degrees and student identification cards were recovered. Talking to media persons, FIA Sindh Director Shahid Hayat said that hundreds of thousands of fake degrees have been found in the Axact office that was raided in presence of a judicial magistrate. “We found hundreds of thousands of degrees today. A magistrate was present during our raid. The location where we found these degrees also housed a printing press,” he said.

KEY POINTS:

• Shoaib Ahmed Sheikh arrested early Wednesday
• FIA conducted a raid at Axact's Khayaban-e-Ittehad office
• Hundreds of thousands of fake degrees were found
• Sheikh and other directors to be presented in court
• Raid conducted with judicial magistrate present