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Sibtul tytryern 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. It was reported in the Pakistani newspaper, Jang, that he died on October 30, 2015.

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]

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154 news items


The News International
Wed, 11 Nov 2015 17:41:15 -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 ...

News Tribe

News Tribe
Thu, 29 Oct 2015 23:30:41 -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 ...
The Nation
Wed, 11 Nov 2015 17:30:00 -0800

Double Shah case: The LHC ordered NAB to ensure payment of recovered money to two affectees of Double Shah financial investment fraud within one month. The court directed the officer to return the approved claim of the petitioners within a month and ...

Pakistan Today

Pakistan Today
Fri, 20 Nov 2015 17:30:00 -0800

In the notorious case of Double Shah from Wazirabad, the simple driving factor was human greed. Double Shah's claim was simple — he offered to double your money, in just 15 days, no questions asked. How he proposed to do that was also a question ...

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 News International
Fri, 30 Oct 2015 19:00:31 -0700

GUJRANWALA: Syed Sibtul Hassan Shah Gilani alias Double Shah died of a heart attack here on Friday. Police had arrested Shah in Rs2 billion financial scam and later handed him over to the NAB. The fraud was declared one of the biggest financial scams ...

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 ...

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