Definitions

Syed Sibtul Hassan Shah

Double Shah

Syed Sibtul Hassan Shah alias Double Shah, (b. March 3, 1964) was a teacher who started a financial scam in Pakistan. Syed Sibtul Hassan Shah, who is known as ‘Double Shah’, is the resident of Pak town - a lower middle class area - in Wazirabad, a tehsil of Gujranwala He was born in (Kolo) a small town of Sambrial tehsil, in Sialkot District, Punjab.

He is a BSc and BEd and was a science teacher at Government High School, Nizamabad till 2005. After taking leave from his job he went to Dubai where he stayed for about six months. Upon his return about 22 months ago, he left his job and started motivating people to hand him over their savings which he would return in double in just 15 days. A fellow teacher and his former colleague told this scribe that he approached his colleagues and neighbours. The first person to trust him was his next-door neighbour who has a marble business. He was followed by many of Shah’s colleagues. They all got their investments doubled in 15 days. He offers double only, no more no less.

This was a Ponzi scheme where investors were offered 100% return on their investment in just 15 days, later extended to 70 days. Double Shah was arrested by the Gakhar police on 13th April 2007 from his Nazimabad house on charges of Rs. 30,000 robbery. He is now in the custody of the National Accountability Bureau. The amount of money that he earned during his 18 months of business was over Rs. 70 billion.

External links

Search another word or see Syed Sibtul Hassan Shahon Dictionary | Thesaurus |Spanish
Copyright © 2014 Dictionary.com, LLC. All rights reserved.
  • Please Login or Sign Up to use the Recent Searches feature
FAVORITES
RECENT

;