• Saturday, August 13, 2022

Business

Pakistan Jails Software Company Head in £106.36 Million Scam

Shoaib Shaikh was sentenced to 20 years in prison by an Islamabad court in July but then escaped, Dawn reported. (Photo: PHILIPPE HUGUEN/AFP/Getty Images).

By: Radhakrishna N S

The head of a Pakistani company convicted of bilking customers worldwide out of £106.36 million in online sales of bogus university degrees has been arrested weeks after being sentenced to jail, media reported on Wednesday (26). Shoaib Shaikh, chief of software firm Axact, was sentenced to 20 years in prison by an Islamabad court in July but then escaped, Pakistani newspaper Dawn reported. “The Axact chief had not surrendered to the court following his conviction and managed to escape,” the newspaper said. The Federal Investigation Agency, which investigated the scam, could not immediately be reached for comment. The case was brought to…

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