Axact scandal, perhaps one of the largest education-related scandal in the world, definitely the largest in Pakistan is in the limelight again. This time around, the Federal Investigation Agency (FIA) found a smoking gun in connection to the Axact scandal. The smoking gun in this case is Ryan Jones aka Shoaib Ahmed Sheikh. Ryan Jones is reportedly an alias used in different documents associated to several offshore companies and also in correspondence with lawyers in cases against fictitious universities. A comprehensive prove by the FIA revealed Ryan Jones to be none other than Shoaib Ahmed Sheikh.
Shoaib Ahmed Sheikh denied association with any offshore companies in front of the Pakistani courts however, he submitted a sworn affidavit before an American court acknowledging ownership of three offshore companies. The three offshore companies Sheikh referred to were revealed to be Tullow inc., Mivvel Inc., and Tinko inc. Their ownerships were individually confirmed via a sworn affidavit by Sheikh himself, his sister Uzma Shaheen, and a Mr. Viqas Atiq. US’ Federal Bureau of Investigation (FBI) revealed that Axact set up three primary shell companies in the United States. This is where the smoking gun comes into the Axact scandal. The three companies set up by Axact were none other than Mivvel Inc., Tullow Inc., and Tinko Inc. In a letter sent by FBI to FIA, it was written that,
Viqas Atiq, the Chief Operating Officer of Axact, hold 49% of the shares of Mivvel Inc. Shoaib Ahmed Sheikh and the Owner/President of Axact, holds 49% of the shares of Tullow and Tinko. With respect to Mivvel Inc., the remaining 51% of the shares belong to Ali Ghaffar Vyajokra… With respect to Tinko and Tullow, the majority shareholders are Zubari Syed (Tullow) and Uzma Shaheen (Tinko).
It would seem that the Axact scandal has taken a turn for the worst. Not only was the firm involved in a massive business of furnishing and selling fake educational degrees, but was actively evading tax as well. The aforementioned companies were never revealed to SBP, SECP, and FBR etc. Furthermore, any funds received into these offshore companies were only every transferred to Axact Dubai and Axact Pakistan. This income was never declared.
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