Axact CEO Shoaib Shaikh granted bail

Shaikh was nominated in fake degree scam case along with 14 others

KARACHI: Sindh Hight Court on Monday granted bail to Axact Chief Executive Officer Shoaib Shaikh who was undergoing trial on charges of fraud, extortion and money laundering.

According to reports, Justice Muhammad Iqbal Kalhoro also granted bail to 14 other co-accused nominated by Federal Investigation Agency (FIA) in the fake degree scam.



All accused are ordered to furnish Rs500,000, each, surety with court's Nazir as deposit.

Shaikh, along with six directors of the company was taken into custody on May 27, 2015 after investigators found hundreds of thousands of forged degrees and students ID cards from a secret office of the company in Karachi.

In June last year, a district sessions court in Karachi sent Shaikh and eight others on a two-day judicial remand in the fake degree case.

During the hearing, FIA investigators contended before the court that "concrete" evidence was discovered against the accused during their investigation.



“Abdul Rauf, the owner of a printing press, who the Axact management hired to publish fake degrees has been traced and been included in the witnesses list,” an investigation officer told the court.

The officer upheld that the statements of three witnesses will be recorded during the next hearing. Further, the FIA team also submitted the medical treatment report of the accused as the judge had asked for it during the previous hearing.

The investigators submitted that the computers and data seized from the company were being decoded and the findings would be available soon.