Axact is a renowned company in the information technology (IT) sector in Pakistan. Once, it was selfproclaiming the largest IT services' exporter from Pakistan. The giant company underwent immense media trial when the international news channels and media centers termed it as ‘fake degree producing factory from Pakistan’. It shocked the world as it was offering online certificate courses to degree programs from international universities that actually never existed. From United States of America to Europe and other countries of the world, it enrolled students in various programs and awarded them fake certificates and degrees against thousands of US dollars. In the wake of media reports, massive crackdown occurred against it by investigation agencies in Pakistan and they confiscated its office premises and its subsidiary company, Bol TV. Its office records were sealed and key officers were apprehended for interrogation. In this case study, content analysis technique is used to undertake indepth investigation of the Axact scam in a bid to unearth truth. This probe aims to assess the truth behind the scandal and challenges of ethical code of conduct to businesses. In this (qualitative) case study, the data is garnered through company websites, domestic and international newspapers, magazines, and TV channels, and analyzed via contents' scrutiny and convergence and divergence method of qualitative enquiry. The findings uncover that the corporate greed and especially the personal greed of its criminal mind chairman cum chief executive led to devastation of business values, ethics, and corporate citizenship. Eventually, it all resulted in closure of the corporate businesses, malignity, unemployment of its workers, and a stigma on the country.