Double Shah

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Sibtul Hasan Shah, alias Double Shah (Urdu, Punjabi: ڈبل شاہ; born 3 March 1964), was a famous scam artist in Pakistan who gained notoriety by starting and managing a Ponzi scheme. Originally a school teacher and a resident of a lower middle class neighborhood in Wazirabad, he was born in Koloke, a small town of Sambrial Tehsil, in Sialkot District, Punjab. Later on he was convicted and sentenced to 14 years imprisonment. It was reported in the Pakistani newspaper, Jang, that he died in prison on October 30, 2015.

Shah had college degrees and was a science teacher at Government High School, Nizamabad until 2005. After taking a 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 The Nation Lahore daily 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 lodged 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 activities was over Rs. 110 million (over US$1 million).[1]

Shah, was convicted by Accountability Court of Lahore 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]