In Islamabad: FIA arrests 17 more Axact executives

Case is registered against them, including CEO Shoaib Shaikh

The Federal Investigation Agency (FIA) has arrested 17 executives of the Axact Islamabad zone and registered a case against its CEO Shoaib Ahmed Shaikh, his wife Ayesha Shaikh, regional directors, managers and operators over their involvement in issuing fake degrees, doing fraud and money laundering.

According to the FIA, once the physical remand period of Shaoib Shaikh by the Karachi team is completed, the Islamabad FIA will arrest him and will request a physical remand in Islamabad case.

The investigators said the accused represented fake local and international educational institutions and issued them fake degrees. They are also accused of money laundering.

The accused include Assistant Vice-President Sales Qasim bin Masood, Assistant Vice-President Haider Farooq, Senior Architects Sajjad Haider, Rizwan Shah, Aafeeq Ahmed, Ibadat Zaki and Izhar Tanveer.

Director FIA Islamabad Zone Inam Ghani said that elaborate investigations were underway, adding that raids were being conducted for the arrest of other nominated accused.

(TRANSLATION BY ARSHAD SHAHEEN)

Published in The Express Tribune, June 8^th, 2015.