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Axact Scandal

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Omais Qayyum

on 4 June 2015

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Transcript of Axact Scandal

- CEO and chairman(Of Bol Channel well) is Shoaib Ahmad Shaikh from Faisalabad.

- Did MBA from IBA.

- Started business from one room.

- Then it started to expand nationally and internationally.

- Founded in 1997

- Office is in Karachi,
sub office is in Islamabad

- Basically an IT company making software application.

- Total number of employees is about 25000.

- In SECP(Securities and Exchange Commission of Pakistan) it is registered as IT company.

- Selling fake degrees and diplomas.

- Copying journals and thesis illegally
- By several accounts, Axact's main financial and logistical hub outside Pakistan is in Dubai where its holding company is located.

- But this office in Dubai is only an empty building with no employees.

- Delivering degrees and diplomas through a courier service in Dubai.
- Axact uses 20 offshore companies to process customer revenues, pay suppliers in order to shield itself.

- Some of these companies are EduConnect, Educational SP.

- Connect Shift is registered in Cyprus with Shoaib shaikh as CEO.
(Unveiled by Declan walsh)
Axact Scandal
Axact NYT article came into being
Walsh had one question in mind: Just how was Axact, a company that billed itself as Pakistan’s biggest software firm but seemed to have few products, making its money?
Walsh spent three months putting together the story of how Axact selling fake academic degrees.

It also reveals that former Axact employees such as Yasir Jamshaid ( who had fled Pakistan to the United Arab Emirates) were key elements to his reporting.
Further Claims of Declan Walsh
All educational institutes are silent now.
111 websites related to axact are identified.
100's of fake universities and diplomas
Offer online course
Aeronautical to medical
Fake stamps and affiliations
Reaction of Axact
Appeals from Government
in the form of Videos

Blaming Media Channels
Govt Actions
Raided the companies office.
Expand Investigations.
Took away several servers, documents & computers.
Head Office
Axact House, AXact Street, Main Khayaban-e-Ittehad Phase-VII,
DHA, Karachi
(021) 111 129 228
If Axact is Innocent ..??
1. What are the products of the largest IT company?

2. National & International Clients?

3. Why there is no name of axact in the list of State Bank Companies who export there Softwares?

4. Pakistan Software Houses Association (P@SHA) is not familiar with Axact.Why?

5.Why Axact is not provinding the previous record?
CEO Arrested
Shoaib Shaikh has been under the custody of Federal Investigation Authority (FIA) and he would be charged for money laundering and fake degree fraud, claimed leading news channel of Pakistan
Director General Shahid Hayat Khan office confirmed that thousands of fake degrees had been confiscated from an apartment just near to Axact building and this building was indicated by Shoaib Shaikh himself during interrogation.
Social Media Reaction
Full transcript