Chief Executive Officer (CEO) Axact, Shoaib Sheikh and 22 others were sentenced for seven years in prison on Thursday.

District and Session Judge, Chaudhry Mumtaz Hussain announced the verdict in fake degree case while three others were acquitted, including Ayesha Shoaib Shaikh [wife of Shoaib Shiekh]. 

The accused have to pay 5 lac rupees each as fined by the court. 

The Axact scandal came to light when the New York Times published an investigative report claiming that the Pakistani IT company had made millions of dollars by selling fake degrees online.

Following the NYT story, Pakistan authorities were quick to act as former interior minister Chaudhry Nisar Ali Khan ordered the Federal Investigation Agency (FIA) to launch a probe into the fake degree scandal.