FIA Deputy Director Kamran Ataullah led the team which raided Axact office.
According to sources, at least 22 employees of Axact have been arrested and shifted to FIA office for investigation.
Sources told that those arrested including employees of Axact sales department as well.
The firm Axact was accused by the New York Times of running a network of hundreds of websites for phoney universities complete with paid actors for promotional videos, as part of an elaborate scheme that generated tens of millions of dollars annually.
Officials at the Federal Investigation Agency (FIA) swooped on the Karachi headquarters of the company, confiscating computers and records and expelling employees from the building.
A similar operation at the company’s Rawalpindi office has resulted in two arrests, an official there said.
“The raid is still ongoing,” Mehmood ul Hassan, acting director of the FIA’s Cyber Crime Wing, told.
“Our team is gathering evidence. Our director general will release all details about the raid once it’s completed.”
The move came shortly after Interior Minister Chaudhry Nisar Ali Khan told the agency to probe “if the said company is involved in any such illegal work which can tarnish the good image of the country in the world”.