Shoaib Ahmed Sheikh
| Shoaib Shaikh | |
|---|---|
| Born |
Shoaib Ahmed Shaikh Karachi |
| Residence | Karachi |
| Nationality |
  |
| Occupation | CEO and Chairman at Axact, BOL Network, and Philanthropist |
Shoaib Ahmed Shaikh is a Pakistani business person, fraudster and money launderer who founded diploma mill company Axact.[2][3] In July 2018, court announced 7-year jail in fake degree case.[4]
He was arrested on May 19, 2015 after the May 17th edition of The New York Times published an in-depth report exposing the fake degree business.[5] Subsequently, Axact was sealed on May 28, 2015 and the Information ministry requested the Pakistan Electronic Media Regulatory Authority (PEMRA) to close down BOL.[5]. He is currently on bail (since September 2, 2016),[6] the case filed against him on the charges of alleged fraud, extortion, and money laundering, is still in court. Along with four other members of BOL and Axact management, he has stated that they would challenge the decision of the District and Sessions court in superior court.[7]
Arrest
Following the publication of the New York Times article, Pakistan's Interior Minister Khizer directed the country's Federal Investigation Agency to begin inquiry into whether the company was involved in any legal business. Following the interior minister’s order, cyber crime team of FIA raided Axact’s office in Karachi and Islamabad and seized computers, recorded statements of employees as well taking into custody 25 employees of the company and 28 employees from Rawalpindi office. The FIA team found and seized several blank degrees as well as fake letterhead of the US State Department. The investigation was transferred from the FIA's cyber crime department to its corporate department. The issue was also taken up in Senate of Pakistan where Chairman of the Senate Raza Rabbani constituted a committee to probe into the issue. Pakistan's tax authorities and the SECP also initiated investigations into the company.[8]
On May 26, 2015, Federal Investigation Agency arrested Shoaib Ahmed Shaikh for investigation. The case was filed against him on May 27, 2015 in Karachi, Pakistan.[9][10]
Bail granted
After almost 14 months Shoaib Ahmed Shaikh and 13 other management officials of Axact were granted bail by the SHC on the basis of 5 Lakh each surety bonds. They are now on bail [11] On 2 September 2016 court released Shoaib Shaikh on bail.[6]
Shaikh holds a Saint Kitts and Nevis passport, which he acquired through the country's citizenship-by-investment program.[1]
References
- 1 2 Walsh, Declan (10 April 2016). "Behind Fake Degrees from Pakistan, a Maze of Deceit and a Case in Peril". The New York Times. Retrieved 9 May 2017.
He became a citizen of St. Kitts and Nevis, a small Caribbean island that sells passports to rich investors.
- ↑ https://tribune.com.pk/story/1738346/1-court-indicts-axact-ceo-others-money-laundering-case/
- ↑ "Dailytimes | Behind fake degrees from Pakistan, a maze of deceit and a case in peril". dailytimes.com.pk. Retrieved 2016-08-23.
- ↑ https://tribune.com.pk/story/1750584/1-axact-ceo-shoaib-sheikh-22-others-get-7-years-jail-term-fake-degree-case/
- 1 2 "BOL staff observes 'Youm-E-Zulm' today on 27th May | The News Teller". www.thenewsteller.com. Retrieved 2016-08-23.
- 1 2 "Court orders release of Shoaib Shaikh on bail". The News. Sep 2, 2016. Retrieved Sep 2, 2016.
- ↑ "Bol TV's CEO Shoaib Ahmed Shaikh bail rejected | BizAsia Media | The UK's only Asian media news site". www.media247.co.uk. Retrieved 2016-08-23.
- ↑ https://www.nytimes.com/2015/05/18/world/Asia/fake-diplomas-real-cash-Pakistani-company-axact-reaps-millions-Colombian-barkley.html?_r=0
- ↑ Imtiaz Ali. "FIR registered against Axact CEO, six others in fake degree scam". Dawn. Retrieved May 27, 2015.
- ↑ "Axact CEO Shoaib Shaikh arrested". Dunya News. May 27, 2015. Retrieved May 27, 2015.
- ↑ https://en.dailypakistan.com.pk/pakistan/axact-ceo-shoaib-sheikh-finally-walks-free-in-fake-degree-case//