"Misunderstanding about real or Present Double Shah And scum or former Double Shah"
NO: 1
Double Shah’s partner’s case re-opened
LAHORE - An accountability court on Friday re-opened the case filed against Syed Fiaz Hussain Shah, partner of Syed Sibt-ul-Hassan Saha alias Double Shah, while fixing February 3 as the date of hearing.
Earlier, the case was consigned to record, owing to accused' non-appearance. Yesterday, the court issued show-cause notice to investigation officer of the reference as to why he had not yet filed the list of properties of the accused.
Fiaz Shah was co-accused in a financial scam, in which he with Double Shah, offered public at large to invest their money with the accused for make it double in 75 days, and in this way they collected Rs 9,091 million from 46,364 citizens.
SENT ON REMAND: An accountability court on Friday sent Muhammad Mansoor Khan to jail on judicial remand till January 29. Earlier, National Accountability Bureau (NAB) had produced accused before the court after the completion of physical remand of 90 days. During the hearing, investigation officer stated that the accused had offered NAB to enter into an agreement of plea bargain which was rejected. Mansoor was director of Cash Gold Pvt Ltd and embezzled Rs 16.6 million.
NON-BAIL ABLE WARRANTS: An accountability court on Friday issued non-bail able warrant of arrest of Falak Sher, co-accused of Muhammad Sultan alias Sheikh Sanatha till February 18. The accused offered attractive investment plan to public at large and embezzled millions of rupees.
An accountability court on Friday issued non-bail able warrant of arrest of Naimat Ullah Sajid and another, nominated in a reference of cheating with public at large till February 1.
An accountability court on Friday issued non-bail able warrant of arrest of Muhammad Altaf Khan, nominated in United Bank Limited fraud reference till February 1. A new reference has been filed against the accused that he committed a fraud in UBL when he was working there and embezzled millions.
The court had fixed January 21 for the attendance of accused but they did not turn up, so the court issued their non-bail able warrant of arrest.
REMAND EXTENDED: An accountability court on Friday extended the physical remand of Askari Bank Vice President and Bank Al-Falah ex-manager Khawar Rasheed till January 31. He was arrested on the charges of embezzlement of Rs 200 million through fraud, misuse of authority and criminal breach of trust. While posted as Manager Operations in 2006 at Bank Al-Falah, Taufal Road branch, the accused in connivance with Muhammad Sajjad Khan, Misbah Shaukat and others made withdrawals from various Pakistani and foreign currency bank accounts without proper verification.
An accountability court on Friday extended the judicial remand of Kanal Motors Director Hafiz Usman Yousaf and Rana Qaisar Nazeer, Mohsin Abbasi and Ahsan Abbasi till February 2.
The accused being the executives of Kanal Motors offered attractive packages of profit on investment in sale and purchase of cars and embezzled millions.
The court while extending the remand directed NAB authorities to file the reference against the accused by the next date of hearing.
NO: 2
Reply sought from NAB DG in Double Shah case
LAHORE - The Lahore High Court (LHC) on Tuesday sought reply from the National Accountability Bureau (NAB) director general (DG) on a petition filed by Pir Syed Sibtul Hassan Gilani alias Double Shah seeking directions to NAB to decide his application for reduction of surety bonds from Rs 3 billion to 100 million to finalise his plea bargain. A division bench consisting of Justice Sheikh Ahmad Farooq and Justice Yawar Ali issued the order on a petition filed by Double Shah submitting that he was arrested on April 28, 2007 on allegations of cheating the public at large and depriving them of money.
He submitted that the NAB DG filed a reference against him in November 2007 in a Lahore accountability court and according to investigation, 4,411 people, including 126 agents, have submitted claims for Rs 5.4 billion. The petitioner said that he moved an application in 2009 for plea bargaining, which was conditionally accepted by the NAB DG and presented in an accountability court for approval but the court could not decide the matter despite lapse of 11 months. Double Shah submitted that on LHC orders, the case was transferred to another court, which approved the plea bargain on condition that the petitioner would submit a demand note favouring the NAB chairman, personal guarantee, property surety bonds and post dated cheques worth Rs 3 billion.
The petitioner submitted that he had fulfilled all conditions except submitting property surety bonds worth Rs 3 billion, which he tried his level best to comply but due to prolong incarnation, he was not in a position to arrange guarantee of land property. He said that he had moved an application to the NAB chairman for reduction of surety bonds from Rs 3 billion to 100 million but no decision has been made on the application until now, which has delayed finalisation of the plea bargain.
NO: 3
NAB establishes CVDC for Double Shah scam victims
LAHORE - The National Accountability Bureau (NAB) Punjab established a claim verification and disbursement cell (CVDC) in Lahore on Thursday for speedy disposal of claims of Double Shah scam victims.
The cell has started functioning on regular basis to meet the challenge of handling thousands of claims. The NAB has made successful strides in the recovery of sacked money from the fraudsters and its return to investors in an organised manner.
An amount of Rs 3.4 billion has been recovered from various accused people belonging to five main groups involved in the scam through voluntary return and plea bargain. Of the recovered amount, Rs 1.328 billion has been distributed among 24,987 investors. 100 percent payment of claims up to Rs 100,000 has been made to 14,145 individuals, reducing claimants from 46,364 to 32,219. The NAB has also facilitated claim holders of up to Rs 50,000 at their doorstep by establishing camps at Wazirabad and Sambrial.
An investigation team has also been instructed to follow up the recovery process and ensure speedy trials in the Accountability Courts in case of defaults. The Double Shah Scam is one of the biggest financial frauds in the history of Pakistan which originated in Wazirabad, Gujranwala district and Sambrial, Sialkot district during 2005 – 2007. The perpetrators indulged in parallel banking system at individual level by unlawful collection of deposits.
The unscrupulous plunderers not only deprived the general public of their hard earned money worth Rs 9.086 billion through cheating but also shattered socio-economic fabric of the area. Posing confidence, the complainants approached the NAB Punjab for redressal of the grievances followed by a formal complaint lodged by the State Bank of Pakistan. Proceedings were initiated by the NAB and a special cell was set up to handle this mega scam and dedicated teams were constituted to unearth the crime.
Trail of each and every financial transaction executed by the accused persons was scrutinized to dig out final destination of the sacked money. An extensive campaign was launched for collection of claims from those affected through electronic and print media resulting in 46,364 claims worth Rs 9.086 billion against the accused. All the main accused involved in the scam have been arrested and recoveries are in progress through voluntary return and plea bargain in addition to trial in the Accountability Courts.
NO: 4
NAB establishes CVDC for Double Shah scam victims
LAHORE - The National Accountability Bureau (NAB) Punjab established a claim verification and disbursement cell (CVDC) in Lahore on Thursday for speedy disposal of claims of Double Shah scam victims.
The cell has started functioning on regular basis to meet the challenge of handling thousands of claims.
The NAB has made successful strides in the recovery of sacked money from the fraudsters and its return to investors in an organised manner.
An amount of Rs 3.4 billion has been recovered from various accused people belonging to five main groups involved in the scam through voluntary return and plea bargain. Of the recovered amount, Rs 1.328 billion has been distributed among 24,987 investors. 100 percent payment of claims up to Rs 100,000 has been made to 14,145 individuals, reducing claimants from 46,364 to 32,219. The NAB has also facilitated claim holders of up to Rs 50,000 at their doorstep by establishing camps at Wazirabad and Sambrial.
An investigation team has also been instructed to follow up the recovery process and ensure speedy trials in the Accountability Courts in case of defaults. The Double Shah Scam is one of the biggest financial frauds in the history of Pakistan which originated in Wazirabad, Gujranwala district and Sambrial, Sialkot district during 2005 – 2007. The perpetrators indulged in parallel banking system at individual level by unlawful collection of deposits.
The unscrupulous plunderers not only deprived the general public of their hard earned money worth Rs 9.086 billion through cheating but also shattered socio-economic fabric of the area.
Posing confidence, the complainants approached the NAB Punjab for redressal of the grievances followed by a formal complaint lodged by the State Bank of Pakistan.
Proceedings were initiated by the NAB and a special cell was set up to handle this mega scam and dedicated teams were constituted to unearth the crime.
Trail of each and every financial transaction executed by the accused persons was scrutinized to dig out final destination of the sacked money.
An extensive campaign was launched for collection of claims from those affected through electronic and print media resulting in 46,364 claims worth Rs 9.086 billion against the accused.
All the main accused involved in the scam have been arrested and recoveries are in progress through voluntary return and plea bargain in addition to trial in the Accountability Courts.
NO: 5
NAB told to retrieve Rs 60m from Double Shah’s agent
LAHORE - Lahore High Court (LHC) Chief Justice Ijaz Ahmad Chaudhry on Wednesday directed National Accountability Bureau (NAB) to receive the claim for the recovery of Rs 60.45 million from Ahsanullah Ranjha, an agent of Syed Sibtul Hassan Shah Gillani alias Double Shah. The CJ passed this order on a petition filed by Sarfraz Ahmad, submitting that he paid Rs 60.39 million to Ranjha to get it doubled within a specific time. He submitted NAB arrested Ranjha after the petitioner gave him the money. He said that when he tried to submit his claim, the concerned authority denied. He pointed out that in 2009, LHC had ordered NAB to entertain his claim but the order was not implemented. A NAB representative told the court that the petitioner never approached the bureau. The petitioner said that he resided in Saudi Arabia and had intimated NAB several times to record his statement through his attorney and entertain his claim but no action was taken in this regard. The court also directed NAB authorities to file a supplementary if necessary.
New ponzi money scandal 2007, double shah
Dear president musharaf,
i have been greatest admirer of you ,and your policies,but,i am sorry to say since double shah scandle my mind has totaly changed about you i keep praying for your end,i have many a question about this hidden but in my opinion the biget issue or problem of pakistan ,if you please let me meet you to talk on this issue ,i would believe you are realy the true ruler of pakistan ,
thanks,
yours respectfuly
be aware.
1b$ have been collected by a single man by ponzi scheme, can use for terrorism,what should countries do? search ``double shah ``in google,or en.wikipedia.org/wiki/Ponzi_scheme#Overview , i have more ground info .who is behind i know. Shujaat, Pervaiz partners of Double Shah? daily the news 15 sep 2007
ISLAMABAD: Ruling PML-Q President Chaudhry Shujaat Hussain and Punjab Chief Minister Chaudhry Pervaiz Elahi are allegedly involved in the Double Shah case amid reports that the NAB chief had resigned after he was denied permissoin to arrest them. Highly placed sources told Online that Double Shah, during investigations, had revealed to NAB that Shujaat, Pervaiz, Kashmir Committee Chairman Hamid Nasir Chattha, Gujranwala District Nazim Fayyaz Chattha and some other VIPs were also his partners in his business. The then NAB chairman Lt-Gen (retd) Shahid Aziz had sent a list containing these big names to the government and sought permission for their arrest so that the matter could be investigated and the factual position be ascertained and made public. He resigned when he was denied permission. Double Shah had committed fraud of billions of rupees, and VIPs, including the Chaudhrys of Gujarat, were also involved in this fraud. A report recently sent to the Interior Ministry has disclosed that important personalities are involved in the Double Shah case. Meanwhile, Online sources failed to get in touch with Chaudhry Shujaat regarding the verification of the story, but the spokesman for the ruling party and State Minister for Information Tariq Azeem strongly refuted the accusation, terming it a white lie aimed at maligning the PML-Q. i want to send some more facts about this issue from the ground letter to the human rights comission pakistan,chair person asima jihangir i visited AGHS last friday to meet you but Mr.nawaz told me that madam is in the meeting.
you would certainly be very well aware of the DOUBLE SHAH scandle ,but how severe this problem is,is needed to bring in your kind notice ,i being from the effected area and on the behalf of the effected people need to give you the details of the problem , perception of the people ,some ideas and suggestions for solving it,as it is too complicated to be solved only by NAB,the fears of the defined agents as not all of them are the beneficiaries ,if it took too long to be solved it would result in the creation of crimes and social problemes.i want to arrange you to meet sibtul-hasan shah`s family to know their opinion as they say they want to return money to the people but NAB and minor fake cases like rupees 28000 robbery are the hurdles.
as all of this is related to the humanitarian issue,violation of the fundamental rights is already in the process and it could expand further, so we greatly expect from you to give us and shah family the opportunity to present you our opinion .
sincerely ,
NO: 7
Double Shah Case: 4 jailed for six years each
LAHORE:
An accountability court on Friday awarded a six-year imprisonment each to four accomplices of the Syed Sibtul Hassan Gillani alias Double Shah involved in a Rs9,091 million scam.
The court also fined them Rs20 million each.
Originated in Wazirabad during 2005-2007, Double Shah allegedly deprived 43,000 people of more than Rs1.32 billion by promising to return twice the invested money they ‘invested’ with him. Around 46,364 claims for Rs9,091 million were made against the accused.
Gillani has been convicted by an accountability court and sentenced to 14 years, a Rs5.43 billion fine and confiscation of all his properties.
Published in The Express Tribune, April 14th, 2012.
NO: 8
The reason being that he pays a handsome profit to people depositing money with him. Interestingly, `Double Shah` as he is known in the area has yet to make a public appearance. He operates through his agents. People and Doaba police told Dawn on Saturday that `Double Shah` whom no one had ever met had been paying a profit of Rs19,000 to depositors against the Rs100,000 investment within 45 days of cash payment. His agents have installed signboards and banners in the town to attract customers. In 2007, police arrested a Pir `Double Shah`, Sibtul Hassan Shah, and his accomplices in Punjab for looting people over false promise to double their deposited money. Later, the National Accountability Bureau was tasked with investigating the fraud. After the fraud was reported, the Securities and Exchange Commission of Pakistan began a campaign to create public awareness of fraudulent investment and loan schemes launched by private companies, non-corporate entities and individuals. Living in Zawer Ghundai two kilometers southwest of Doaba Town village, Double Shah reportedly began his tempting scheme three years ago and has now scores of clients from Hangu and Kohat districts and Kurram Agency. Police said they knew nothing about the mysterious person. “We have no idea about his name and origin. What we know is that people call him Double Shah,” he said, adding that he had a network of agents operating from Kohat to lower Kurram Agency. It is learnt that more and more people in these areas are withdrawing money from their bank accounts to put it into the money-spinning scheme offered by Double Shah, negatively impacting on the banking sector in the area. A local banker said clients of his state-owned bank withdrew more than Rs20 million over the last two weeks to benefit from the tempting offer. “Banks in Doaba and its adjacent area are almost on the verge of bankruptcy as a large numbers of small account holders are withdrawing cash to invest it in the Double Shah scheme,” he said, adding that if the situation persisted, banks would have to shut down their branches. The banker said branches of the state-owned and private banks were losing clients and profits to Double Shah. There are also reports about a growing trend of the people mortgaging their immovable and moveable properties and obtaining loans from bank on interest before giving cash to the mysterious person`s agents for big monthly profit. A local, who wished not to be named, said he had deposited Rs300,000 with an agent of Double Shah and was getting profit on a regular basis. “The agent is the guarantor and is directly dealing with me,” he said. Mohammad Amin, a resident of lower Kurram Agency, said he had applied for a bank loan and would deposit the money with Double Shah for high profit. He claimed people from Gujrat and Gujranwala in Punjab were also showing up for `opening accounts` with Double Shah. Since people of Doaba and its surrounding areas are deeply religious, Double Shah`s agents are exploiting religious sentiments by circulating fatwa (decree) issued by noted Islamic scholars and clerics in favour of their business.
NO: 8
"fake or former Double Shah"
Syed Sibtul Hassan 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.[1] He was born in Koloke, 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 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.His victims are Amjad Ghondal,Javaid Mughal,and many others.He was followed by many of Shah’s colleagues. As promised, their investments were doubled in 15 days.[1]
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 Usman Ghazi of daily The Nation Lahore in an investigative piece published on the front page on April 6, 2007.[1] 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; his counsel being Syed Asad Ali Bukhari, Advocate High Court. The amount of money that he earned during his 18 months of business was over Rs. 70 billion (almost USD 1 billion).
Similar caseIn a similar case, a teacher, Uruj Bhatti, decided to follow his footsteps. He met Double Shah in jail and learned the art of "doubling" money from him. He took leave from his school in Bewal, a town in Gujar Khan. The residents of this town are mostly well off, owing to inflow of money from their relatives in UK. He invited investors, principally his acquaintances in the Bewal-Gujar Khan area, to invest in business and promised big profits. He had been running a rent-a-car and real estate business on Murree Road, Rawalpindi, but has now absconded with Rs. 5 billion.[2]
External linksReferences- ↑ 1.0 1.1 www.nation.com.pk
- ↑ Fraud feeds on greed. The Dawn. 8 May 2009.\
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Now coming to real Afzal Khalik
( Double Shah )
PESHAWAR, Dec 17: Of late, a mysterious figure surfaced in Doaba Town village of Hangu district and became very popular with locals in next to no time.
"Hangu, too, has a Double Shah"
Www.akforex.com.pk Slideshow: Afzal’s trip from Wah Cantt, Pakistan to 6 cities New York City, Beijing, Sydney, Tokyo, Beihai and Newyork (near Kilmelford, Argyll and Bute, United Kingdom) was created by TripAdvisor. See another United States slideshow. Take your travel photos and make a slideshow for free.
