Assistant VP of AXACT Is Sentenced To 21 Months In Jail, Gets Fined Too

The fake degree scam of AXACT is not going to get over, ever. In a latest development, a US district judge has fined and sentenced Umair Hamid (Assistant Vice President of AXACT). Umair is fined whopping $5,303,020 besides getting sentenced to 21 months in jail for his involvement in fake degree scam – a scandal which shook the company. Umair has already signed an acceptance letter to pay $5.3 million as an imposed fine.

Joined in 2006, Umair was an assistant executive before moving to the top-tier management later on. Even though he escaped punishment in Pakistan, he could not escape the sentence in US where he came after surviving the reprimand in Pakistan. In December 2016, he was accused of the $140 million scam. He was found guilty of managing those online companies which used to give people fake diplomas of reputable educational institutes.

Also Read: Shoaib Sheikh given clean chit in money laundering case

The US Attorney stated about the overall matter:

“Operating from Pakistan, Umair Hamid helped fraudulently rake in millions of dollars from unwitting American consumers who paid to enroll in, and get degrees from, high schools and colleges that did not exist. As a result of his fraud, people who thought they were investing in an education received nothing more than worthless diplomas and a harsh lesson in the worldwide reach of deceit”

Background of the case

Shoaib Shaikh, along with 6 directors of AXACT was detained by FIA officials on 27th May 2015. They were arrested after thousands of fake degrees were recovered from the company’s offices during a raid.

CEO of AXACT, along with 13 other employees was openly accused of preparing and selling fake degrees, diplomas and accreditation certificates of fake universities through an online system. The universities, allegedly operated by the software company did not have any physical presence in the United States of America.

Quick Read: AXACT announces to pay 15 month salary to all employees

According to the reports, AXACT made more than $205 million through the issuance of such fraudulent university degrees. The news was initially broken by New York Times which exposed the IT Company about its mischievous activities.

When this news took Pakistan by storm, many believed that it’s a conspiracy theory. However, FIA discovered enough evidence about the alleged involvement of AXACT in fake degree scam.

However, Sindh High Court (SHC) has finally granted bail to the Chief Executive Officer (CEO) of AXACT, Mr. Shoaib Ahmed Shaikh. Along with 13 other employees of the company, he spent 15 months behind the bar in the fake degree scam.

Source: TechJuice

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