Shahid-Hayat-DG-FIAShoaib Sheikh was arrested on Tuesday night after a case was lodged against him regarding fake degrees, money laundering and forgery. The arrest was being made by Federal Investigation Agency (FIA) who have also confirmed the arrest of Axact COO. The COO Axact is the brother in law of Shoaib Sheikh.

The FIA officials will have to produce the CEO Axact in the Magistrate court in less than 24 hours. On the contrary, the office of this IT Company in Karachi has also been sealed.

Millions of fake degrees were found during a raid in the building adjacent to Axact building in Karachi. Shoaib Sheikh was interrogated by both corporate circle unit and Cyber Crime Circle of FIA.

The CEO of Axact recorded statement in the FIA a building for more than 9 hours. Different questions were raised regarding the business, fake degrees and assets of Axact during the long interrogation.

According to Shahid Hayat; Director FIA, the search of Axact office yielded many fake degrees and student cards and this search was conducted in the presence of Magistrate. More than 34 Axact’s accounts were also not verified. On the basis of this, the FIA team is expanding their investigation.