# Shoaib Ahmed Shaikh Cleared in Every Case | Press Release

> Shoaib Ahmed Shaikh and Axact were acquitted in every case since 2015. In August 2026, the Supreme Court of Pakistan made every acquittal final. Press release.

Source: https://www.shoaibahmedshaikh.com/press-releases/axact-cleared-after-eleven-years/
Also published: https://www.axact.com/newsroom/press-releases/axact-cleared-after-eleven-years/
Published: 9 November 2026

## Axact and Its Founder Shoaib Ahmed Shaikh Cleared of All Fraud and Fake Degree Allegations: Courts Found No Evidence in Any Case Filed Since 2015

After eleven years, the courts of Pakistan have cleared Axact and its founder, Shoaib Ahmed Shaikh, of every fraud and fake degree allegation made against them in 2015. The High Court of Sindh, the Islamabad High Court and a Special Court in Islamabad all acquitted them, finding no evidence, no victims and no forged documents. On 3 August 2026, the Supreme Court of Pakistan dismissed the State's petitions against the acquittals, and every acquittal became final.

## How the case began

In 2013, Shoaib Ahmed Shaikh announced BOL, a new Pakistani media network. In May 2015, just days before BOL was due to launch, Axact was accused of fraud and of selling fake degrees. Axact's offices in Islamabad and Karachi were sealed without an FIR, and Shoaib Ahmed Shaikh and members of his leadership team were held in jail for 18 months before being granted bail. At the time, Axact was Pakistan's largest IT exporter: in 2014 it brought in US$355 million of Pakistan's US$432 million in IT exports, as reported to the State Bank of Pakistan.

## High Court of Sindh: no evidence

On 10 March 2023, the High Court of Sindh acquitted Shoaib Ahmed Shaikh and the Axact management in the Karachi case (Criminal Revisions 38, 39 and 40 of 2023).

- "Not one of the proverbial 'shred of evidence' was found by it to back up the allegations made by the State. Absolutely none." (para 8)
- "It is an admitted position that all transfers of money have been through formal banking channels and that full disclosures have been made to the regulators." (para 9)
- "As regards the allegation of preparing and selling false degrees and certificates … not an iota of evidence is on record in this regard." (para 11)
- "The State admits that not one person who complained he was cheated by the applicants came forward as a witness." (para 12)
- "It is obvious at this stage that it was an ill-conceived action that was initiated by the State." (para 14)

The State listed 91 witnesses and dropped 64 of them. The prosecution's own forensic expert confirmed that Axact operated under valid licences and found nothing incriminating (para 10).

## Islamabad High Court: tried twice on the same allegations

An Islamabad court acquitted Shoaib Ahmed Shaikh on 31 October 2016. After a retrial on the same allegations ended in a 2018 conviction, the Islamabad High Court set that conviction aside on 22 November 2023 and acquitted him (Criminal Appeals 150, 151 and 157 of 2018):

- "It is trite law that on the same set of allegations, if a person is acquitted or convicted, he cannot be prosecuted again on the same charges." (para 9)

## Special Court: no evidence of any bribe

A bribery case lodged on 8 March 2023, two days before the High Court of Sindh ruled, ended on 4 December 2023, when the Special Court (Central) in Islamabad acquitted Shoaib Ahmed Shaikh after the prosecutor and the investigating officer told the court that no evidence had surfaced against him (para 5).

## Supreme Court of Pakistan: every acquittal final

On 3 August 2026, the Supreme Court of Pakistan dismissed the State's petitions against the High Court of Sindh acquittals as time-barred (Criminal Petitions 779, 780, 781, 796, 797, 798 and 799 of 2023):

- "We are not inclined to condone the belated filing of the petitions, therefore, the same are dismissed as being barred by time." (para 2)

## Statement

"For eleven years, my colleagues, my family and I lived with allegations that no court could find a single piece of evidence for. Today every case is closed and every acquittal is final. We are grateful to the courts, and to everyone who stood by Axact while the truth came out." — Shoaib Ahmed Shaikh, Founder of Axact and BOL

## Court documents

- [Islamabad court judgment, 31 October 2016](https://www.shoaibahmedshaikh.com/assets/documents/islamabad-2016-10-31.pdf)
- [High Court of Sindh judgment, 10 March 2023](https://www.shoaibahmedshaikh.com/assets/documents/shc-2023-03-10.pdf)
- [Islamabad High Court judgment, 22 November 2023](https://www.shoaibahmedshaikh.com/assets/documents/ihc-2023-11-22.pdf)
- [Special Court (Central), Islamabad, order, 4 December 2023](https://www.shoaibahmedshaikh.com/assets/documents/special-court-2023-12-04.pdf)
- [Supreme Court of Pakistan order, 3 August 2026](https://www.shoaibahmedshaikh.com/assets/documents/scp-2026-08-03.pdf)

Media enquiries: info@axact.com