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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 USD 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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3 news items

 
The Nation
Sun, 13 Jul 2014 19:28:07 -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
Wed, 25 Jun 2014 16:14:39 -0700

Rs220.071 million was given to victims of the Sheikh Sanatha, Rauf International, Trade Station Securities, Money Marshall and 'Double' Shah scams. The amount was recovered through voluntary return and plea bargains. According to NAB officials, NAB ...
 
Daily Times
Fri, 11 Jul 2014 14:22:30 -0700

NAB has dealt with a number of large public cheating cases like the 'double Shah' scam, various housing scams and, more recently, the notorious 'modarba' scam, which involved thousands of people. Under the supervision of its new chairman Qamar Zaman ...
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