digplanet beta 1: Athena
Share digplanet:


Applied sciences






















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. 110 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]


The News, Pakistan daily, 12 November 2012.

External links[edit]

Original courtesy of Wikipedia: http://en.wikipedia.org/wiki/Double_Shah — Please support Wikipedia.
This page uses Creative Commons Licensed content from Wikipedia. A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia.

123 news items

dunyanews.tv (press release) (blog)

The Express Tribune
Mon, 16 Feb 2015 11:52:30 -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 ...

Daily Times

Daily Times
Wed, 18 Feb 2015 03:26:15 -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 ...
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 ...
Business Recorder (press release) (blog)
Tue, 23 Jun 2015 16:03:45 -0700

Director General (DG) NAB Khyber Pakhtunkhwa, Shahzad Saleem ordered freezing of properties of accused Afzal Khaliq alias Double Shah of A.K. Forex Private Limited Wah Cantt, who, in the garb of Islamic mode of financing allegedly cheated public at ...

The Express Tribune

The Express Tribune
Sat, 09 Aug 2014 13:37:30 -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 Express Tribune

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

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.
Fri, 04 May 2012 21:18:45 -0700

ISLAMABAD, May 4: The National Accountability Bureau (NAB), Rawalpindi, has unearthed another double Shah-like scam in which a large number of people were deprived of their hard-earned money in the name of 'attractive investment' in local and ...

The Express Tribune

The Express Tribune
Fri, 28 Mar 2014 00:03:30 -0700

The Supreme Court on Wednesday ordered the Punjab Provincial Cooperative Bank Ltd (PPCBL) to deposit Rs6.525 million to the National Accountability Bureau (NAB) within a week. The court ordered that the remaining amount (Rs2.523 million) be paid in ...

Oops, we seem to be having trouble contacting Twitter

Support Wikipedia

A portion of the proceeds from advertising on Digplanet goes to supporting Wikipedia. Please add your support for Wikipedia!

Searchlight Group

Digplanet also receives support from Searchlight Group. Visit Searchlight