Axact
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| Founder | Shoaib Ahmed Shaikh |
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| Headquarters | Karachi, Pakistan |
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Key people
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Shoaib Ahmed Shaikh, Chairman Viqas Atiq ,Vice Chairman & COO (Co – Founder), Zeeshan Ahmed (Senior Executive Vice President - Business Unit), Zeeshan Anwar (Assistant Vice President) |
| Website | axact |
Axact (Urdu: ایگزیکٹ) is a Pakistani software company that runs numerous websites selling fake academic degrees. As of May 2015, it was being investigated by Pakistan's Federal Investigation Agency. The company also owns the media company BOL Network and sells fake degrees and theses to foreign students.
Axact was founded by Shoaib Ahmed Shaikh, who serves as its chairman. It is based in Karachi, and has over 2,000 employees. According to Shaikh, the company was founded in 1997 with fewer than 10 employees working in a single room. In a 2013 interview with Newsweek magazine he further described it as the world’s leading IT company and said that Axact had eight broad-business units and products, more than 5,200 dedicated employees and associates globally and as many as 8.3 million customers worldwide. The company website said in 2015 that the company had 10 diverse business units that offer more than 23 world class products, more than two billion users, and a global presence across 6 continents, 120 countries and 1,300 cities with more than 25,000 employees and associates.
According to Securities and Exchange Commission of Pakistan records, the company was registered in June 2006 and had a paid up capital of Rs. 6 million (US$58,860) by 2010. Government records show that it paid an income tax of approximately Rs. 18,90,000 ($18,543) for the year 2014, and that Shaikh paid a personal income tax of Rs. 26 ($0.26) for the same year.
On 17 May 2015, The New York Times published an investigative story reporting that Axact ran at least 370 degree and accreditation mill websites. The report said that although the company did sell software, chiefly website design and smartphone applications, its main business was "to take the centuries-old scam of selling fake academic degrees and turn it into an Internet-era scheme on a global scale." The Times further reported that the company had around 2,000 employees, some of whom pretended to be American educational officials and worked in shifts to keep the company open 24 hours per day.
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