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Double Shah Bio

Syed Sibtul Hassan Shah alias Double Shah, (born March 3, 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 (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 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. He was followed by many of Shah’s colleagues. As promised, their investments were doubled in 15 days.[2]. This was a pyramid 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 13 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 (almost USD 1 Billion).