Everyone knew about what Axact was doing. No one had the courage to say anything because of Axact's super scary legal responses to whoever tried to cover their story. They even sued some big shot British newspaper (probably Guardian) back in late 2000s and the newspaper had to retract their story. Same happened with Forbes yesterday. They were probably served a notice and they took the story down. Its like the worst kept secret of Pakistan's IT industry.
Now the question arises is why the sudden stories and action against Axact out of the blue? Obviously, there are greater forces at work. Some say Bol's major investors (apart from Axact), which are reportedly Malik Riaz and some PPP politicians along with some media personalities, used Axact's resources to setup a channel and now before the channel is launched, they want to get rid of Axact and Sheikh saab since Axact is doing some really shaddy business and they wont want to associate the channel to a shaddy company if the story ever came out in future. So if these investors are playing their cards right, they'll get rid of Axact and will create quite a lot of hype for Bol.
Another theory is that all of this happened due to foreign pressure; probably US government and FBI since there are some reports that FBI has been investigating Axact for over 10 years now. And on top of everything else, Axact was forging signatures of some high-up US officials.
There are several other theories as well but these are the two most believable ones.
Now, the next question is what will happen with Axact and Sheikh saab and Bol. The degrees Axact was selling are actually not fake, they are legit. They were issuing degrees on the basis of prior learning. Check this:
Recognition of prior learning - Wikipedia, the free encyclopedia
Its all legit. So there goes the main allegation out of the window and FIA just lost more than half of their case. They'll probably peruse the charges of forging signatures of US officials (which is also pretty serious), money laundering and tax evasion. These charges are also pretty major but as soon the main charge (fake degrees) wont hold, the case wont really stick. Axact already seems to have a badass legal team so it wont hurt them even if the investigation/case goes on for decades. So Axact will probably live on.
As far as Bol is concerned, it'll be launched. The top management might change but people will forget who is behind Bol as soon as they'll start seeing their favourite anchors 24/7.