KARACHI: Axact CEO Shoaib Shaikh along with Viqas Atiq and three others were handed a physical remand till June 7, following the arrest of the CEO late Tuesday night.
South district judicial magistrate, Noor Muhammad, in the hearing announced the physical remand till June 7.
The Federal Investigation Agency (FIA) arrested Axact CEO late Tuesday night after investigators found hundreds of thousands of forged degrees and students ID cards from a secret office of the company in Karachi.
Read: 'Fake degree empire' collapses: Axact CEO nailed
FIA Sindh Director along with a team of Sindh police's Special Investigation Unit arrived at the Axact Karachi office late at night and recovered piles of degree templates from different universities.
Following the late night swoop, Shaikh, along with six directors of the company were taken into custody by FIA.
Read: Unabated disclosures: Axact's ex-employee spills the beans
Further, a case was registered against him and Axact with sections related to money-laundering and cyber crimes incorporated in the FIR.
PHOTO: IRFAN ALI/EXPRESS
Later in the evening, a FIA team again raided Axact office in Rawalpindi and searched the residential rooms of Axact CEO and Axact regional director Col (retd) Jamil, Express News reported.
During the raid, FIA team confiscated six more computers and associated electronic devices.
Earlier, on Monday, Shaikh spent several hours at the FIA headquarters explaining his position and was called for further questioning on Tuesday.
The interrogation continued for several hours till midnight before he was arrested.
The FIA is investigating the details of Axact’s accounts in at least five banks. A plea for protective bail moved by Shaikh was rejected by the Sindh High Court a few days ago.
The NYT report released last week accused the Karachi-based firm of not only issuing fake diplomas and degrees from a host of online universities but also running a bogus, parallel accreditation system, which in some instances even carried verifications from the US State Department with forged signatures of John Kerry.
A copy of the FIR obtained by The Express Tribune
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