'Double Shah' scandal: NAB disburses Rs24m to affectees

Published: April 9, 2012

‘Double Shah’ deprived 43,000 people of more than Rs1.32 billion on ‘promise’ of doubling their investment. PHOTO: FILE

LAHORE: The National Accountability Bureau (NAB) Punjab has started the process of disbursing around Rs24 million to 900 affectees of the Double Shah scandal on Monday.

The Director General (DG) NAB Punjab Khurshid Anwar Bhindar distributed the money during the Cheque Distribution Ceremony at the NAB Complex in Lahore.

Bhindar said that Rs24 million will be distributed this week amongst 900 affectees of the Double Shah scam, including payments of verified claims less than or equal to Rs100, 000.

He further added that the NAB Punjab has already made 100% payment to 6500 affectees.

Commenting on the central character of the Double Shah scam, the DG NAB Punjab said that Syed Sibtul Hassan Gilani alias Double Shah was convicted by the accountability court and sentenced to 14 years of jail term. The accused will have to pay fine worth Rs5.43 billion, which will be distributed amongst the affectees.

The NAB Punjab has recently established a special claim verification cell to speed up the recovery and disbursement process.

Double Shah scandal is one of the biggest financial frauds in Pakistan, which originated in Wazirabad during 2005-2007. The scam, perpetrated by ‘Double Shah’ – a fraudster in saintly disguise – deprived 43,000 people of more than Rs1.32 billion on ‘promise’ of returning twice their invested money.

The victims had approached NAB for redressal and the proceedings against Double Shah were initiated. An extensive campaign was launched for collection of claims by affectees, through electronic and print media. Around 46,364 claims worth Rs9,091 million were made against the accused.

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