KARACHI (Web Desk) – The Axact Chief Executive Officer, Shoaib Sheikh, was finally granted a bail by the Sindh High Court, local media reported on Monday.
Sheikh and the other co-accused have been facing a trial on the charges of fraud, money laundering and other cyber crimes.
According to details, SHC’s Justice Muhammad Iqbal Kalhoro accepted the bail pleas of Shoaib Sheikh and 14 others in the case. The judge directed all of them to deposit surety bonds worth Rs500,000 each, in the court as deposit.
It is also worth mentioning here that the Federal Investigation Agency’s legal counsel present in the court strongly opposed the move, however, the court dismissed his objections and granted the bail.
Shoaib Sheikh and six directors of Axact were detained by FIA officials on May 27, 2015, when thousands of fake degrees were recovered from the company’s offices during a raid.
The raid had taken place following the publishing of a news report in the New York Times which exposed that the IT company was involved in global business of fake degrees and shady universities which actually existed nowhere.
