Ponzi scheme mastermind “Double Shah” dead | Pakistan Today

Ponzi scheme mastermind “Double Shah” dead

Sibtul Hassan – alias Double Shah – passed away in Lahore on Friday.

Sibtul Hassan had been missing for a few days when the reports on his death came in. A BSc and BEd, he was a science teacher at Government High School, Nizamabad until 2005. He took a leave of absence from his job and stayed in Dubai for 6 months After taking leave from his job, he went to Dubai for about six months, following which he returned, quit his job and asked his colleagues and neighbours to give him their savings. He claimed he could  return them 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.

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 in 2007.

Double Shah had been 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.



Related posts

Top