The Judicial Magistrate South on Thursday extended the remand of Chief Executive Officer (CEO) Axact Shoaib Shaikh along and other eight accused to police on physical custody till 8th June 2015 in a fake degree scam.

CEO Axact, Shoaib Sheikh alleged in illegal degrees scandal  is being escorting to City Court by FIA, in Karachi on Thursday, June 04, 2015 - S Imran Ali PPI
CEO Axact, Shoaib Sheikh alleged in illegal degrees scandal
is being escorting to City Court by FIA, in Karachi on Thursday, June 04, 2015 – S Imran Ali PPI
Shaikh, Viqas Atiq, Chief Operating Officer (COO) Axact, and three directors of Axact, Zeeshan Ahmed, Zeeshan Anwar and Mohammad Sabir were in FIA’s custody from 27th May while Muhammad Rizwan, Atif Hussain, Imran and Adnan Saboor were sent on physical remand on 3 June.

The Federal Investigation Agency (FIA) requested the court to extend the remand of all the accused as they were further required for questioning. The court accepted FIA request and remanded all the suspects to police till 8th June. The court directed Investigation Officer (IO) to produce progress report in the next hearing.

According to FIA 1000 degrees had been recovered after the Identification of arrested suspects and they were further required for investigation.

FIA arrested Shoaib Shaikh on the late hours of 26 May and lodged a fraud, forgery and money laundering cases. The FIR 7/2015 was registered under sections 468(Forgery for purpose of cheating), 470(Forged document), 472(Making or possessing counterfeit seal, etc., with intent to commit forgery punishable under Section 467), 473(Making or possessing counterfeit seal, etc., with intent to commit forgery punishable otherwise) and 474 of the Pakistan Penal code. Sections 3, 4, 36 and 37 of Electronic Cyber Crime were also included in the case.

The fake degrees scandal came to light when the New York Times published an investigative report alleging that Axact is involved in selling fake degrees online.