A Winner That Cares...
Shoaib Ahmed Shaikh is an International Business Magnate, an IT Revolutionist and a Media Mogul.
He founded Axact and built it into Pakistan’s largest IT exporter and a US$20 billion company.
He also founded BOL Media Group, one of the biggest media launches in Pakistan’s history, and built it into a network of 250+ channels in 16 languages for more than 50 million subscribers.
He gives 65% of his business earnings to Pakistan through Aik Allah Kaafi Hai (AAKH), the self-sustaining welfare trust he leads and funds.
The Axact Case: All Allegations 
Shoaib Shaikh
A Winner That Cares…
Shoaib Ahmed Shaikh is an International Business Magnate, an IT
Revolutionist and a Media Mogul.
He is the Founder of Axact and BOL. He built Axact into Pakistan’s largest IT exporter and
BOL into a global media group.
He founded Axact in 1997 and, in just 15 years, built it into Pakistan’s only
company valued at US$20 billion and its largest IT exporter, with 82% of the
country’s IT exports in 2014.
He also founded BOL Media Group and built it into a network of 250+ channels in 16
languages, with more than 50 million subscribers and over 10 billion views. Two former
Presidents and a former Prime Minister of Pakistan have hosted their own regular shows on
BOL.
Mr. Shaikh believes in two things: winning and caring. He builds every venture to compete
with the best in the world, and directs 65% of his earnings to Pakistan’s socioeconomic
development through the AAKH Trust.
Shoaib Ahmed Shaikh was born in Karachi, Pakistan. His father, Bashir Ahmed Shaikh, was a lawyer by profession and the Principal of the Islamia Law College. He also served as the Vice President of Sindh High Court Bar Association.
Mr. Shaikh did his MBA with a gold medal from the prestigious Institute of Business Administration (IBA), Karachi in 1997.
He believes his family, friends, employees and other stakeholders to be his support system.
Shaikh excelled in everything he did, be it his business or his passion. Shaikh pursued his interests in swimming and chess; where he is the title holder for 1992 Sindh swimming championship (Breast Stroke) and 1996 IBA Chess Challenge.
He is also a keen architect, and personally designed landmark projects including Axact House, GalAxact and the BOL Media Group headquarters.
Mr. Shaikh had an innate art of entrepreneurship. He was involved with different investment ideas and business concepts, and from his early earnings he was able to move his family to a home in DHA, Karachi, before the inception of Axact.
The Winning
AxactShoaib Ahmed Shaikh founded Axact in 1997 and, within 15 years, built it into Pakistan’s only company valued at US$20 billion.
Axact grew into a global business reaching 120 countries and 1,300 cities across six continents, and employed 15,000 people at its peak.
Its business units built software for businesses around the world. Today, Axact has completed its move from IT services to artificial intelligence.
In 2014, Axact alone brought in US$355 million of Pakistan’s US$432 million in IT exports, 82% of the national total, as reported to the State Bank of Pakistan through EE-1 forms.
After the 2015 crackdown, Axact moved its operations abroad and carried on. Every court has since cleared it, and today it is focused on artificial intelligence.
Axact now builds AI software for businesses worldwide, from document management and customer relationships to sales and customer support, 24 hours a day.
“Commendable effort of BOL spreading the true positive image of Pakistan globally”
Ambassador of UAE Mr. Bakheet Ateeq Al-Romaithi
“Heartiest congratulations for the global success of BOLIC”
Ambassador of Saudi Arabia Mr. H.E Obaid Allah al-Harbi
“Remarkable initiative that will change the image of Pakistan in the global world”
Ambassador of Japan Mr. Ashushi Murata Hamid
“Congratulating BOL for the successful launch of BOLIC”
Ambassador of China Mr. WANG YU
“BOLIC will further strengthen the bond of friendship between Indonesia & Pakistan”
Ambassador of Indonesia Mr. Saleem
“BOLIC will help reflect a positive image of Pakistan in the Global World”
Ambassador of Mauritius Mr. Soobadar Rashidally
BOL Media GroupShoaib Ahmed Shaikh founded BOL with one purpose: to show the world the true, positive face of Pakistan.
Announced in 2013, BOL drew a response Pakistan’s media had never seen: the country’s top anchors signed on and millions applied for jobs before it went on air. He built BOL Media Group into a network of 250+ channels in 16 languages, with more than 50 million subscribers and over 10 billion views.
BOL is the only media group where two former Presidents and a former Prime Minister of Pakistan have hosted their own regular shows.
Interviews of ambassadors of various countries also appear regularly on Bol News. The sitting chief ministers of every province also appeared on Bol News on a focused program “Meray Soobay Ka Wazir-e-Aala” in which they gave updates about the ongoing developments in their provinces and talked about challenges.
BOL set a new standard for Pakistan’s media industry, with 33+ broadcasting studios built on the latest technology.
It is the only mainstream Media group of Pakistan which started its transmissions in all the major regional languages -- Sindhi, Pashto, Balochi and Punjabi and strategically important international languages -- English, Arabic, Chinese, Russian, Spanish, German and French.
BOL went on to expand its operations worldwide.
The Caring
Shoaib Ahmed Shaikh is known as one of the most generous business leaders in Pakistan.
He majorly contributes to betterment of society by deploying a self-sustaining welfare model, where 65% of business earnings goes directly to his own welfare trust. He himself makes sure that the funds are being utilized for the betterment of 4 major sectors; Education, Food & Shelter, Healthcare and Judicial Assistance. These trust are self-sustaining and do not depend on external donations.
Of his business earnings go directly to his Welfare Trust
Shoaib Ahmed Shaikh is the chairman and founder of Aik Allah Kaafi Hai Trust. The trust aims to work for the betterment of basic facilities nationwide in terms of provision of quality Education, adequate amenities of Food & Shelter with proper Healthcare and Judicial services. Mr Shaikh vision is to make Pakistan #1 Country in world by 2036.
AAKH Trust aims to educate more than 10 million children to shape the lives of the Pakistani youth by building world-class schools throughout Pakistan.
Students will be provided the best lodging, while studying with the most modern and high-tech educational gadgets, with 3 meals and a snack per day, amongst many other world-class indoor and outdoor facilities, such as horse riding, swimming, indoor gaming areas, basketball courts, and a lot more.
Building the AAKH school network for 10 million children remains one of his central missions.
Shoaib Ahmed Shaikh is also responsible for founding Bashir Shaikh Memorial trust with the principal objective of perpetuating and honoring Bashir Shaikh's (his father) memory by working for the continuous welfare of the lawyers and the legal fraternity of Pakistan.
The trust is providing free membership to the members of legal fraternity of Pakistan which will make them eligible to receive the benefits offered by the trust.
A life insurance coverage policy worth up to Rs.1,000,000 at no cost.
Mobilization of jobs for the legal community in the local and international markets.
An exclusive office facility that lawyers can utilize to meet their clients, undertake thorough study of a case and carry out official correspondence.
Eleven years. Three cases. Cleared by every court, up to the Supreme Court.
It began when Shoaib Ahmed Shaikh announced BOL, and its rapid rise left a few people feeling threatened. Before BOL could go on air, those people moved to stop it, using an article that a prosecution witness later admitted was fabricated. It ended with the State conceding in open court that it never had the evidence. Along the way, Pakistan lost its largest IT exporter.
A prosecution witness later testified in court that the article behind the case was fabricated as part of a conspiracy.
In 2013, Axact’s founder Shoaib Ahmed Shaikh announces BOL Network, a new Pakistani media group. The response is unprecedented: top anchors sign on, BOL’s logo appears on buses and rickshaws, and millions apply for jobs before the channel goes on air.
BOL’s rapid rise left a few people feeling threatened. Before BOL could go on air, they moved to stop it. In May 2015, a newspaper article accused Axact of fraud and selling fake degrees, the allegations later labelled the “Axact scandal”. Under cross-examination in court, a prosecution witness testified that the article was fabricated as part of a conspiracy.
Axact’s Islamabad offices were closed within 12 hours, and its Karachi offices were seized within 48 hours, stripped of all hardware and software.
Shoaib Ahmed Shaikh and members of the Axact management team are arrested and held for 18 months. FIRs are lodged in Karachi on 27 May and in Islamabad on 7 June 2015, both on the same allegations.
With its offices sealed and its leadership in custody, Axact can no longer operate. 15,000 people lose their workplace overnight, and Pakistan’s IT exports take the hit: in 2014, Axact alone had accounted for 82% of them.
FIR lodged on 27 May 2015 against Shoaib Ahmed Shaikh and the Axact management team, on allegations of fraud and fake degrees.
Outcome
Acquitted on 10 and 17 March 2023. The High Court of Sindh found “not one of the proverbial ‘shred of evidence’” to support the allegations.
A second FIR lodged on 7 June 2015, on exactly the same allegations as the Karachi case. Acquitted in 2016, then tried again.
Outcome
Acquitted on 22 November 2023. The 2018 conviction was overturned: no one can be tried twice.
FIR lodged on 8 March 2023, two days before the Karachi verdict, alleging a bribe was paid for the 2016 Islamabad acquittal.
Outcome
Acquitted on 4 December 2023. The prosecution admitted in court that it had no evidence at all.
The final stage of the Axact case, after every court had acquitted.
Outcome
In August 2026, the Supreme Court of Pakistan ruled in Shoaib Ahmed Shaikh’s favour, clearing his name for good.
Timeline
2013
BOL
Shoaib Ahmed Shaikh announces BOL, a new Pakistani media network. The response is unprecedented.
17 May 2015
The article
A newspaper article accuses Axact of fraud and selling fake degrees. It names no credible source and offers no evidence. A prosecution witness later testified in court that the article was fabricated as part of a conspiracy.
Within days · 2015
The crackdown
Axact’s offices in Islamabad and Karachi are sealed and stripped of every computer. 15,000 employees lose their workplace overnight, and a media campaign targets Axact’s leadership, their families and every employee.
27 May 2015
Karachi case
The first FIR is lodged in Karachi against Shoaib Ahmed Shaikh and the Axact management team.
7 Jun 2015
Islamabad case
A second FIR is lodged in Islamabad on exactly the same allegations.
2015–2016
Jail
Shoaib Ahmed Shaikh and members of his leadership team are held in jail for 18 months on charges where bail is normally granted against a single guarantor. No evidence is ever produced against them. The High Court of Sindh later criticised the “exuberance to arrest and incarcerate persons who are not hardened or desperate criminals.”
31 Oct 2016
Islamabad case
An Islamabad court acquits Shoaib Ahmed Shaikh and the other accused. It is the first ruling in Axact’s favour.
2018
Islamabad case
The State appeals, and the Islamabad case goes to a second trial on the same allegations. Its conviction is later overturned by the Islamabad High Court.
2015–2023
Karachi case
Eight years of hearings follow. The State lists 91 witnesses, drops 64 of them, and produces no victims, no forged documents and no evidence.
8 Mar 2023
Bribery case
Two days before the High Court of Sindh rules, a new FIR is lodged alleging a bribe was paid for the 2016 acquittal.
10 Mar 2023
Karachi case
The High Court of Sindh acquits Shoaib Ahmed Shaikh and the Axact management team, finding “not one of the proverbial ‘shred of evidence’”.
17 Mar 2023
Karachi case
The High Court of Sindh acquits the remaining accused.
22 Nov 2023
Islamabad case
The Islamabad High Court overturns the 2018 conviction and acquits Shoaib Ahmed Shaikh, ruling that no one can be tried twice for the same allegations.
4 Dec 2023
Bribery case
The bribery case ends in acquittal after the prosecution admits no evidence has surfaced.
3 Aug 2026
Supreme Court
The Supreme Court of Pakistan rules in Axact’s favour, upholding the acquittals. After eleven years, the case is closed for good.
The State listed 91 witnesses and dropped 64. The ones it kept, including its complainant, investigating officer and forensic expert, admitted the following, as recorded by the High Court of Sindh on 10 March 2023.
of Pakistan’s entire IT exports came from Axact in 2014: US$355 million out of US$432 million.
Source: EE-1 forms reported to the State Bank of Pakistan.
The single biggest source of Pakistan’s IT export earnings was shut down almost overnight.
A case built on headlines told the world that Pakistan’s biggest technology company could be closed without evidence.
Pakistani technology firms abroad had to answer for a story the courts would later throw out.
Axact moved most of its operations out of Pakistan, taking its exports and earnings with it.
“Flow of foreign currency into the country, confidence of the foreign investor as well as the financial potential of businesses connected with information technology … can all be adversely impacted. Pakistan’s integrity and goodwill in the international world is put at stake through such misconceived actions.”
“Not one of the proverbial ‘shred of evidence’ was found by it to back up the allegations made by the State. Absolutely none.”
“It is obvious at this stage that it was an ill-conceived action that was initiated by the State.”
“If after 8 years the State acknowledges and admits that they did not gather any meaningful evidence … then it had no right to make citizens go through such tribulations. Such conduct cannot be reprimanded enough.”
“Why should the applicants be asked to face the rigors of trial even for one day when they deserve to be acquitted now?”
In 2013, BOL was announced to set a benchmark of excellence in the media industry, and received unprecedented fame even prior to its launch. Pakistan’s Biggest Marketing Campaign was launched and BOL received more than 100,000 applications in a single week.
Shoaib Ahmed Shaikh, Founder of Axact and BOL, stated the tragedy of Karbala & the martyrdom of Imam Hussain (RZ), teach Muslims the righteous way to stand against oppression & secure the moral victory of principles over compromises.
Shoaib Ahmed Shaikh, Founder of Axact and BOL, extended his deepest condolences to the leadership and people of the United Arab Emirates (UAE) on the passing of President Sheikh Khalifa bin Zayed Al Nahyan.
Founder BOL Network Mr Shoaib Ahmed Shaikh has felicitated the nation on the festive occasion of Eid-ul-Adha.
Founder BOL Network Mr Shoaib Ahmed Shaikh has shared a heartfelt message as Muslims around the world perform the sacred journey of Hajj.
Father’s Day is globally celebrated on the third Sunday of June every year. It is an opportunity to honour and applaud one's father, or relevant father figure, as well as fatherhood, paternal bonds, and the influence of fathers in society. The day is usually observed on different dates across the world, and it completely depends on traditions and cultures.
On Mother’s Day, Founder BOL Network Mr Shoaib Ahmed Shaikh thanked mothers for their immeasurable impact and the sacrifices they make.
Founder BOL Network Mr Shoaib Ahmed Shaikh has expressed his heartfelt condolences over the passing of the daughter of Chief Executive Officer (Founder) of ARY Network Mr Salman Iqbal
Founder Axact and Bol Network Shoaib Ahmed Shaikh on Monday said persistent efforts of workers made our world a better place.
The story of Shoaib Ahmed Shaikh, case by case.
How the 10 March 2023 judgment cleared Shoaib Ahmed Shaikh after eight years, 91 witnesses and not one piece of evidence.
Read articleAcquitted in 2016, tried again and convicted in 2018: how the Islamabad High Court overturned it in 2023.
Read articleA new case, lodged on the eve of his acquittal, that ended when the prosecution admitted it had nothing.
Read articleOn 3 August 2026, the Supreme Court of Pakistan ruled in Axact’s favour, and eleven years after his arrest, every acquittal of Shoaib Ahmed Shaikh became final.
Read article
Caring
Shoaib Shaikh With Dignitaries
Shoaib Shaikh At ITCN Asia
Dignitaries Visiting BOL
Pakistan Cricket Team
Winning
Winning
Caring
Celebrations
Mr. Shoaib Ahmed Shaikh Presenting Awards
People Praising Bol & Mr. Shoaib Shaikh
Speeches
Plan 2019
Speeches
Vision for BOL
