Axact CEO Shoaib Ahmad Shaikh arrested

Shoaib Ahmad Shaikh, the CEO of IT company Axact, who has been accused of running a massive fake degrees scam, was arrested on Wednesday.

According to the Dawn, Shaikh was taken into custody in a white vehicle in the presence Federal Investigation Agency (FIA) and police officials.

Shaikh and seven directors will be produced in front of a banking court today.

Axact authorities had earlier responded to a list of detailed questions, and rejected all accusations as "baseless, substandard, maligning, and defamatory".