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Sibtul Shah, alias Double Shah (Urdu, Punjabi: ڈبل شاہ; born 3 March 1964), was a teacher who started a financial scam, a Ponzi scheme, in Pakistan. Syed Sibtul Hassan Shah is a resident of Pak town - a lower middle class area - in Wazirabad, a tehsil of Gujranwala. He was born in Koloke, a small town of Sambrial Tehsil, in Sialkot District, Punjab. He was sentenced to 14 years imprisonment. He died in prison on November 2012 following his illness from diabetes.

The peoples who took advantage from double shah are Sahabzada Imran-ul-Haq, Irfan Mughal, Ifthakhir Mughal, Javaid Mughal. He is a BSc and BEd and was a science teacher at Government High School, Nizamabad until 2005. After taking 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 daily The Nation Lahore 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 logged 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 business was over Rs. 70 billion (almost US$1 billion).[1]

Syed Sibt-ul-Hassan Gillani, alias Double Shah, was convicted by Accountability Court of Lahore. Pakistan 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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117 news items

dunyanews.tv (press release) (blog)

dunyanews.tv (press release) (blog)
Mon, 16 Feb 2015 07:32:24 -0800

ISLAMABAD (Dunya news) – The National Accountability Bureau (NAB) on Monday sealed the property of Fazal Khaliq alias Double Shah . Shah had allegedly made billions by swindling people until he got arrested. The property of the accused, involved in ...

Daily Times

Daily Times
Wed, 18 Feb 2015 03:33:14 -0800

ISLAMABAD - National Accountability Bureau (NAB) on Wednesday filed a reference of Rs 7.75 billion against Afzal Khaliq alias Double Shah of A.K Forex Private Limited, Wah Cantt who allegedly cheated public at large. The accused in the garb of Islamic ...

DAWN.com

DAWN.com
Thu, 12 Jun 2014 19:03:45 -0700

LAHORE: National Accountability Bureau Chairman Qamar Zaman Chaudhry has proposed making the Double Shah case part of research work. In a meeting in NAB's Lahore office on Thursday, he termed the Double Shah case a reflection of social trends to ...

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 ...
 
The News International
Tue, 31 Mar 2015 20:11:15 -0700

He termed Kausar a notorious figure in FIA having bad reputation. Jami wrote about Kausar that he was also dismissed from service in 2007 in Double Shah case. On November 21, 2014, the then Director General FIA, Ghalib Ali Bandesha, dismissed Kausar ...
 
The Nation
Sun, 13 Jul 2014 19:26:15 -0700

PESHAWAR: NAB Khyber Pakhtunkhwa Sunday arrested Afzal Khaliq alias Double Shah alias Bhai Jan of A.K. Forex Private Limited Wah Cantt who in the garb of Islamic mode of financing cheated public at large. The accused allegedly looted billions of ...

The Express Tribune

The Express Tribune
Fri, 04 Apr 2014 22:48:07 -0700

LAHORE: An additional district and sessions judge sought comments from the Factory Area station house officer in two petitions seeking the registration of a case against a man accused of scamming hundreds of people in another Double Shah-like episode.
 
The News International
Thu, 12 Jun 2014 15:52:30 -0700

A 'Lady Double Shah' gang active in twin-cities of Rawalpindi and Islamabad for over two years, kept depriving dozens of families of gold ornaments and cash worth million of rupees coaxing them handsome monthly profit, CIA sources said. At early stage ...
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