Axact CEO Shoaib Sheikh and Manager Operations of Axact Viqas Atique have been granted bail by, Pervez ul Qadir Memon, Additional Districts and Session Judge Islamabad, on the fake degrees case. The duo were arrested last year in May.
Sindh High Court’s Bail
Sindh High Court (SHC) recently acquitted Axact CEO in the money laundering case due to lack of evidence. Prior to that, SHC also granted bail to the CEO and 14 other employees of BOL media a couple of weeks ago. FIA did not want their bail to be granted but the Sindh High Court decided against FIA and granted bail the BOL employees, Axact CEO Shoaib Sheikh and Manager Operations Viqas Atique bail for their arrest.
Arrest and Charges
Axact CEO was arrested on May 27th 2015 along with the senior manager. 13 other Axact and Bol employees were taken into custody. This time the bail was granted in Islamabad court for only Rs. 20,000 surety bonds. In comparison, Sindh High Court had granted bail for surety bonds of Rs. 500,000.
FIA argues that it had recovered evidence for bogus degrees and their issuance from Axact’s servers and had enough proof to indict them.
Read More: Inside Out of The Axact Case
This all started when New York Times published a report in May 2015 about Axact. It mentioned how the company made millions of dollars by selling fake degrees and diplomas. The schools and universities mentioned in those degrees were also fake. FIA quickly arrested the Axact CEO and other BOL media employees, with company data and servers taken later for forensic investigation.