Shoaib Shaikh has been detained overnight in the Human Trafficking Cell at FIA’s headquarters in Karachi following a late night raid by DG FIA Sindh Shahid Hayat and the Special Investigation Unit (SIU) team led by DSP Amir Hameed on an Axact office located next to the company's headquarters in Karachi.

The FIR lodged against him includes accusations of cyber-crime and forgery.

According to sources, seven Directors of Axact, including Viqas Atiq (Vice Chairman & Co – Founder of Axact) have also been taken into custody by the FIA.

Shaikh was being questioned by the FIA regarding the issuance of fake degrees and various bank accounts for two days in a row. Following his appearance before the federal investigators on Monday, he was again summoned at the FIA head office in Karachi on Tuesday morning.

Fake degrees found from Axact office: DG FIA

DG FIA Sindh Shahid Hayat and the Special Investigation Unit (SIU) team led by DSP Amir Hameed arrived at the location late on Tuesday night where Axact’s printing operation was taking place.

Speaking to the media in early hours of Wednesday, Hayat said fake degrees in the hundreds of thousands were found in the Axact office located next to the company's headquarters in Karachi.

“We received information on where Axact’s printing operation was taking place. The office was opened in the presence of the magistrate and degrees and student ID cards were found in the hundreds of thousands.”

Television footage showed the Axact office where blank degrees of online educational institutions and student ID cards were being kept.

According to the duty magistrate the degrees were found on information provided by Axact CEO Shoaib Shaikh.

The Axact office was sealed for the night, following the raid.