ISLAMABAD (Web Desk) – Shoaib Ahmad Shaikh, CEO of Axact, and BOL Media Group has been granted bail by the Islamabad High Court on Wednesday in a fake degrees case, and will now walk free after 15 months in jail.
Viqas Atiq, the Chief Operating Officer (COO) of the two companies has also been granted bail. He was in jail along with Shaikh. The case was heard by Additional Sessions Judge Pervez Al-Qadir Memon.
There are now no pending cases against Shaikh, arrested in May 2015 following a story in The New York Times that claimed his software company Axact was involved in selling fake degrees to students.
Both Shaikh and Atiq, and 12 others were granted bail in a similar case by Sindh High Court on August 15. Both cases were filed by the Federal Investigation Agency (FIA).
A session court in Karachi acquitted Shaikh on August 15, in a money laundering case. He was accused of illegally transferring Rs170m abroad. Two other accused in the case are on bail, Journalism Pakistan reported.
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.