Headquartered in the port city of Karachi, Axact claims to be the world’s leading IT firm. Many, including Jehan Ara, the President of Pakistan Software Houses Association (PASHA), have questioned its business model in the past. But Axact founder Shoaib Ahmed Shaikh has repeatedly denied all the allegations against his company.

Now Declan Walsh of The New York Times has unearthed Axact’s multi-million dollar education scam. The company’s (fake) education empire spans hundreds of high-schools and universities with mostly American sounding names. The NYTimes was able to identify and monitor at least 370 fictitious high-schools and universities operated by Axact.

Former Axact employees told the NYTimes on condition of anonymity that all the news reports were fabricated, the degrees have no real accreditation, and the professors were merely paid actors. In short, the university campuses exist only in photos stored on computer servers.

The Karachi-based company generates tens of millions of dollars in revenue from thousands of people across the globe. Most of its customers (students) are from the United States, UK and Persian Gulf states.

The NYTimes’ main source was a former Axact employee named Yasir Jamshaid. Yasir is said to have fled to Dubai with internal records of more than 20 customers who paid a whopping $600,000 for degrees and diplomas they thought were from reputed American universities.

Courtesy: Value Walk