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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 is now 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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4 news items

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 Express Tribune

The Express Tribune
Thu, 27 Mar 2014 23:56:15 -0700

Double Shah scam: Cooperatives Bank ordered to deposit Rs6 million with NAB. NAB had arrested Sibatul Hassan in a financial scam case in 2007. By Our Correspondent. Published: March 28, 2014. Tweet · Share this article · Print this page Email. NAB had ...

Business Recorder

Business Recorder
Wed, 16 Apr 2014 06:07:30 -0700

image LAHORE: The Lahore High Court Wednesday reserved verdict on a contempt petition filed by Syed Sibtul Hassan Shah alias Double Shah against non-compliance of court orders for allowing remissions to him. The bench comprising Justice Mehmood ...
 
Business Recorder
Thu, 27 Mar 2014 05:22:30 -0700

On April 04, 2007 NAB had arrested Sibatul Hassan Gillani alias Double Shah in a case of cheating public at large. NAB Punjab recovered Rs 20 million from Raja Mukhtarul Hassan through Voluntary Return (VR) while the recovery of remaining amount was ...
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