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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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103 news items

The Express Tribune

The Express Tribune
Sat, 09 Aug 2014 13:37:30 -0700

Double Shah was then arrested on July 14 from Lahore airport and handed over to NAB Khyber-Pakhtunkhwa as the bureau had already placed his name on the exit control list. In the press release NAB issued following the arrest of the accused, the bureau ...
 
The Nation
Sun, 23 Nov 2014 19:24:58 -0800

The police have registered a case against Iftikhar Shah, his wife Samina Iram, Khurram Mumtaz alias Bokhari Shah alias Double Shah and have arrested Samina Iram while the others are at large. According to police source, deceased Sikandar Hayat had ...

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 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
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 ...
 
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 ...

The Express Tribune

The Express Tribune
Mon, 19 Aug 2013 14:51:20 -0700

Amanat Ali Khan, more commonly known as Don Golo, runs a 'business' of making people double their money in a month. Apart from money, he also accepts other valuables, such as gold and vehicles. PHOTO: EXPRESS. SUKKUR: Leaders and ...
 
PakistanToday.com.pk
Thu, 08 Nov 2012 13:54:39 -0800

National Accountability Bureau (NAB) Punjab on Thursday distributed Rs 265.496 million to affectees of Syed Sibtul Hassan Gillani (Double Shah) scam and Mujahid Aziz Butt case. Punjab NAB Director General Khurshid Anwar Bhinder distributed cheques ...
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