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Sibtul Hasan Shah, alias Double Shah (Urdu, Punjabi: ڈبل شاہ; born 3 March 1964), was a famous scam artist in Pakistan who gained notoriety by starting and managing a Ponzi scheme. Originally a school teacher and a resident of a lower middle class neighborhood in Wazirabad, he was born in Koloke, a small town of Sambrial Tehsil, in Sialkot District, Punjab. Later on he was convicted and sentenced to 14 years imprisonment. It was reported in the Pakistani newspaper, Jang, that he died in prison on October 30, 2015.

Shah had college degrees and was a science teacher at Government High School, Nizamabad until 2005. After taking a leave from his job, he went to Dubai where he stayed for about six months. Upon his return, he left his job and approached his colleagues and neighbours, asking them to give him their savings, which he would return in double in just 15 days. The first person to trust him was his next-door neighbour who owned a marble business named Javed Marble Factory. He was followed by many of Shah’s colleagues. As promised, their investments were doubled in 15 days.

This was a Ponzi scheme where investors were offered 100% return on their investment in just 15 days, later extended to 70 days. His Ponzi Scheme was at its peak when it was exposed by The Nation Lahore daily in an investigative piece published on the front page on April 6, 2007. Double Shah was arrested by the Gakkhar police on 13 April 2007 from his Nizamabad house on charges of Rs. 30,000 robbery. He was then put in the custody of the National Accountability Bureau. The first case was lodged against him with other 18 persons by the local police under the Anti-Terrorist act, and only one person was released on bail by the judge of the Anti-Terrorist court, in Gujranwala, Pakistan. His co-accused, Ijaz Cheema, was released on bail. The amount of money that he stole during his 18 months of activities was over Rs. 110 million (over US$1 million).[1]

Shah, was convicted by Accountability Court of Lahore on July 1, 2012. He was sentenced to 14 years Rigorous Imprisonment and fine equavalent to total liability against him (Pak Rs. 5.4 billion) less the amount recovered or being recovered in this case. All of his moveable and immoveable assets were also confiscated.[2]

References[edit]

The News, Pakistan daily, 12 November 2012.

External links[edit]


Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Double_Shah — Please support Wikipedia.
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686 news items

News Tribe

News Tribe
Thu, 29 Oct 2015 23:22:30 -0700

LAHORE: Sibtul Hassan, alias Double Shah on Friday passed away in Lahore, TheNewsTribe.com learnt from media reports. Sibtul Hassan was missing from last few days and on Friday the report came about his death .He was a BSc and BEd and was a ...

PakistanHerald

The News International
Wed, 11 Nov 2015 21:56:22 -0800

A division bench of the Lahore High Court on Wednesday directed the National Accountability Bureau (NAB) to ensure payment of recovered money to two affectees of Double Shah financial investment fraud within one month. Sahibzada Nasir Ali and Nisar ...

The News International

The News International
Tue, 19 Apr 2016 17:55:46 -0700

Double Shah is a character that now epitomises Pakistan's new identity. Everyone wants to multiply his or her wealth. No wonder that we have a history of scams ranging in recent memory from the cooperatives scandal of the 1990s to the shameful Kasur ...
 
Business Recorder (press release) (registration) (blog)
Sat, 06 Feb 2016 15:03:45 -0800

Police have arrested the "Double Shah" of Karachi who collected Rs 180 million from people under the pretence that he would return double amount that they deposited with him. A private news channel reported on Saturday that Rasheedullah had founded a ...
 
Business Recorder (press release) (registration) (blog)
Fri, 01 Apr 2016 16:03:45 -0700

The Commissioner said "equipping our students with financial literacy is important to avoid the incidents of double-shah and illegal modarabas." The potential investors needed to be educated about available opportunities for investments, financial ...

dunyanews.tv (press release) (blog)

The Express Tribune
Mon, 16 Feb 2015 12:02:46 -0800

PESHAWAR: National Accountability Bureau's Khyber-Pakhtunkhwa (K-P) chapter has frozen the properties of Afzal Khaliq alias Double Shah of AK Forex Private Limited, Wah Cantt. He is accused of using his agents to swindle billions of rupees from ...
 
The Nation
Sat, 16 May 2015 18:29:09 -0700

The spokesperson said that Sheikh Adnan Karamat was looting people of Wazirabad in Double Shah style. He minted about Rs140 million and was declared a proclaimed offender in a reference registered against him with NAB.In the same case, NAB has ...

The Express Tribune

The Express Tribune
Sat, 09 Aug 2014 13:38:38 -0700

National Accountability Bureau presented Afzal Khaliq, alias Double Shah alias Bhai Jan, in front of judge Muhammad Ibrahim Khan. Shah is accused of swindling people under the garb of Islamic financing and allegedly looting billions of rupees under AK ...
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