Lahore: Double Shah jailed for 14 years
LAHORE: An accountability court on Saturday sentenced Pir Syed Sibt-ul-Hassan Shah alias Double Shah to 14-year imprisonment for being involved in the biggest financial scam, worth Rs. 441.347 million, in the history of the country.
The judge announced verdict after Double Shah confessed to his crime, saying he had no hope of conclusion of trial in near future.
Lashing out at National Accountability Bureau (NAB) authorities, he said they had presented a list of 4,400 witnesses against him but none of them had been produced so far. It seemed the trial could not be decided even in two decades, he added.
He admitted that he had received money from people but denied having cheated anyone. He said he had established the business for general public and returned their money after doubling it. He said he had returned more than two billion rupees to NAB. He pointed out that he did not want to run his case for two decades as NAB wanted to prolong it on one pretext or the other.
The judge adjourned the hearing till January 14 to proceed against other accused Munawar Hussain Gilani, Syed Farhat Hassan, Chan Pir and Shaukat Ali involved in the scam.
The accused allegedly deprived the general public of their hard earned money, worth Rs 441.347 million, by cheating them, shattering the socio-economic fabric of the society.
The accused had abetted each other in luring people into depositing their money with them, promising that they would return the double of the money they would give them. The accused managed to collect a hefty amount and did not return the investors their money. During the hearing, the accused denied the allegations leveled against them by the prosecution.