Meanwhile, Axact has rebutted a 200 million claim on PEMRA and the Federal Investigation Agency (FIA). The software company had alleged the federal investigators of harassment. <br /> <br />The main accused in the fake degree scam, Axact CEO Shoaib Shaikh, and four other suspects were sent on physical remand until June 4, hours after investigators discovered thousands of blank diplomas at the company’s Karachi headquarters earlier on Tuesday. <br /> <br />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 selling fake degrees online.