PESHAWAR, 27 May: The Federal Investigation Agency (FIA) has arrested Chief Executive Officer (CEO) of Information Technology company, Axact and owner of Bol TV, Shoaib Sheikh.

Director General FIA Sindh Shahid Hayat told media persons after a raid on the Axact Karachi office last night that ample proofs have been found against the IT company. He said now a case will be registered against the company.

Action against Axact was initiated after a report in American newspaper, The New York Times which claimed that Axact was involved in a large-scale business of producing fake education degrees.

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