NAB compensates 2,158 victims of Double Shah Scam

Published: November 10, 2010
NAB has compensated 2,158 victims of the Rs9,091 million Double Shah Scam so far.

NAB has compensated 2,158 victims of the Rs9,091 million Double Shah Scam so far.

LAHORE: The National Accountability Bureau (NAB) has compensated 2,158 victims of the Double Shah Scam so far.

NAB Chairman Justice (retd) Deedar Hussain Shah distributed cheques among some of the victims of the scam during a ceremony held at Chunba House in Lahore on Wednesday.

Sources said that out of the 46,000 who fell victim to the scam, NAB has compensated 2, 158 people.

NAB arrested Double Shah on April 12, 2007 in the Rs9,091 million scam, which affected a mammoth 46, 364 people.

The amounts cleared as compensation by the bureau ranged from Rs100,000 or less.

Express 24/7 correspondent Shiraz Hasnat said that those left to be compensated continue to protest, and are in contact with NAB.

Double Shah and his accomplices are still being held under NAB’s custody and court proceedings are currently underway. So far, NAB has been unable to recover the sum of the looted amount obtained during the scam.

A source claimed that NAB is awaiting a Rs7.5 billion plea bargain involving two of Double Shah’s accomplices, after which it hopes to provide compensation to the rest of the scam’s victims.

The NAB Chairman refused to speak to the media, citing that he was aware of the number of allegations being held against him, and clarified that his position did not allow him to comment on the proceedings of the case.

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Reader Comments (3)

  • Ivan
    Nov 10, 2010 - 6:07PM

    Note to Editor..When articles are written it would be useful if you could provide background details or a link to a previous article. i.e I don’t know what the Double shah Scam was or indeed why it is such a major issue?Recommend

  • Romm
    Nov 11, 2010 - 12:14AM

    Its Failure on the part of NAB.Recommend

  • R. Querieshi
    Nov 11, 2010 - 6:54AM

    @ Ivan: you are right. Since ET is a new paper they should provide background (old newspapers usually give link to old stories). Double shah was running Pyramid scam where he would take money from people and give it the ones who had given him before.

    Double Shah promised to double the money. He would double in a day in the beginning and then he started asking for longer times as the demand grew. When he was arrested, his victims believed he could double money and they protested and demanded his immediate release. Double shah is a desi version of American fraudster Madoff (though Madoff is a recent one). Recommend

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