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Shoaib Shaikh arrested by FIA in Islamabad

07:31 PM | 9 Mar, 2023
Shoaib Shaikh arrested by FIA in Islamabad
Source: File Photo

ISLAMABAD – The Federal Investigation Agency (FIA) has arrested Shoaib Shaikh, co-chairman of BOL News channel and Axact CEO, for avoiding investigation in a case of allegedly bribing a judge for his acquittal, it emerged on Thursday.

Reports said the investigation agency has summoned Shaikh to join investigation but he didn’t pay heed and now he has been taken into custody from Islamabad.

He has been accused of giving Rs5 million in bribe to former additional sessions judge Pervaiz Qadir Memon for acquittal in the fake degree case. The judge was termed by the Islamabad High Court after he confessed to the crime. The court then directed the FIA to probe the person who bribed Memon.

Pervaizul Qadir Memon had acquitted Shaikh and others in the fake degrees case on October 31, 2016. However, the acquittal was overturned by the IHC in April 2018.

The issue of Axact made headlines across international media in 2015 when a New York Times report outlined how the company had allegedly earned millions of dollars from 'scams involving fake degrees, non-existent online universities and manipulation of customers'.

Shoaib Shaikh and six directors of Axact were detained by FIA officials on May 27, 2015, when thousands of fake degrees had been allegedly recovered from the company’s offices during a raid.

However, Mr Shaikh has denied the allegations. 

Daily Pakistan Global Web Desk


Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 20 April forex rates

Pakistani currency remains marginally same against US Dollar and other currencies on April 20, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 20 April 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71


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