Axact Chief Executive Arrested in Pakistan Over Fake Diplomas Scandal.
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| Shoaib Ahmed Shaikh, center, the chief executive of Axact, after a court appearance Wednesday in Karachi. Mr. Shaikh and four other executives face charges that include fraud and forgery. Athar Hussain/Reuters |
KARACHI, Pakistan — Pakistani investigators arrested the chief executive of Axact, a software company accused of running a global diploma mill, early Wednesday after discovering a storage room filled with blank fake degrees.
The chief executive, Shoaib Ahmed Shaikh, and four other Axact executives were initially charged with fraud, forgery and illegal electronic money transfers, law enforcement officials said. The charges were later expanded to include money laundering and violating Pakistan’s electronic crimes act.
The arrests were a sharp blow to a company that claimed to be Pakistan’s biggest software exporter and that was on the cusp of starting a major television network. Axact has been under investigation since May 19, after..
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