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Like most Ponzi
Schemes, all it requires is a chain of investors with the old members paid hefty returns on their money from the deposits of the new members. The money investors may or may not understand how the scheme works, but quite often they don't care as long as they are getting big profits on
87:
where he stayed for about six months. Upon his return, he quit 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
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on July 1, 2012. He was sentenced to 14 years
Rigorous Imprisonment and fine equivalent to total liability against him (Pakistani Rupees 5.4 billion) less the amount recovered or being recovered in this case. All of his moveable and immovable assets were also confiscated.
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of
Pakistan were able to return some of the fraudulent money to Double Shah's victims. In 2018, it was reported that National Accountability Bureau distributed Rupees 1.2 billion among 6490 victims of Double Shah scam so far over the years since the scam was discovered.
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their invested money. Everybody wakes up to the facts of the scheme, when the chain is broken by the force of law or due to some other reason. Then the investors, awaiting the big profits, have to pay a big price not only in money but also emotionally.
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in
Pakistan. 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
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148:, 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 Pakistani
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Javed Marble
Factory. He was followed by many of Shah’s colleagues. As promised, their investments were indeed doubled in 15 days.
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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
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daily newspaper in an investigative piece published on the front page on April 6, 2007. Double Shah was arrested by the
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where investors were offered 100% return on their investment in just 15 days, later extended to 70 days. Residents of
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76:. Later on, he was convicted and sentenced to 14 years imprisonment. It was reported in the Pakistani newspaper,
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degree. Originally a school science teacher until 2005, and a resident of a lower-middle-class neighborhood in
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NAB (National
Accountability Bureau) returns Rs169 million to 1474 victims of Double Shah scam
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The
Express Tribune (newspaper), Published 7 November 2018, Retrieved 16 May 2019
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In 2010, there were newspaper reports that the
Accountability Court and
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Dawn (newspaper), Published 12 November 2010, Retrieved 16 May 2019
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Dawn (newspaper), Published 7 November 2018, Retrieved 16 May 2019
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Double Shah's Ponzi Scheme was at its peak when it was exposed by
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Dunya TV News, Published 16 February 2015, Retrieved 16 May 2019
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Property sealed of 'Double Shah' who made billions by swindling
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in
Pakistan, who gained notoriety by starting and managing a
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After taking a leave of absence from his job, he went to
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Sibtul Hasan Shah did have some college education and a
163:'Double Shah' was convicted by Accountability Court of
176:'Double Shah' died in Pakistan on 30 October 2015.
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115:were the cities where most of his clients were.
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40:; 3 March 1964 – 30 October 2015), was a
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205:"Ponzi scheme mastermind "Double Shah" dead"
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275:Double Shah scam victims get Rs169 million
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237:. Daily Times (newspaper). Archived from
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64:, he was born in Koloke, a small town of
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152:110 million (over US$ 1 million).
14:
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157:National Accountability Bureau
141:National Accountability Bureau
1:
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51:
7:
233:Hasan Ali (14 April 2007).
10:
359:
235:"Pir Double Shah arrested"
209:Pakistan Today (newspaper)
333:Pyramid and Ponzi schemes
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338:People from Wazirabad
129:The Nation (Pakistan)
328:Pakistani fraudsters
119:How the scheme works
323:People from Sialkot
58:Bachelor of Science
16:Pakistani fraudster
211:. 30 October 2015
22:Sibtul Hasan Shah
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263:Double Shah scam
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70:Sialkot District
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66:Sambrial Tehsil
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241:on 4 May 2007
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243:. Retrieved
239:the original
213:. Retrieved
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137:Gakkhar town
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93:Ponzi scheme
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46:Ponzi scheme
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21:
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343:1964 births
318:2015 deaths
91:This was a
42:scam artist
26:Double Shah
312:Categories
180:References
146:Gujranwala
97:Gujranwala
78:Daily Jang
52:Early life
113:Hafizabad
105:Wazirabad
62:Wazirabad
24:, alias
109:Sialkot
38:ڈبل شاہ
34:Punjabi
245:16 May
215:16 May
165:Lahore
150:Rupees
133:Lahore
101:Gujrat
74:Punjab
172:Death
85:Dubai
68:, in
247:2019
217:2019
131:, a
111:and
30:Urdu
314::
255:^
225:^
207:.
188:^
107:,
103:,
99:,
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36::
32:,
249:.
219:.
28:(
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