Lahore: Double Shah scam victims get Rs32m
LAHORE: The National Accountability Bureau, Punjab, distributed on Thursday Rs32 million among 250 affected people in the Double Shah scam. NAB Punjab Director-General Khurshid Anwar Bhinder distributed cheques among the affectees of Abdul Shakoor, an agent of Tasawar Husain Gilani who worked for Syed Sibtul Hasan Gilani alias Double Shah, at NAB provincial headquarters. Speaking on the occasion, Mr Bhindar advised the affectees to be careful while investing their hard-earned money in future.
Giving a brief account of facts of the case, he said Tasawar Gilani initially worked as a partner of Double Shah but subsequently formed a separate group and looted Rs1,932 million directly from 3,916 people and 2,693 through agents.
After taking the cognizance of Double Shah scam, the NAB arrested all the groups active in the illegal business and recovered Rs1,193.5 million from them. “So far Rs486.3 million have been distributed among the affectees which include 100 per cent payment to 3,218 claimants and 50 per cent to 3,241 claimants. Accused Tasawar Hussain Gillani and his accomplices have been convicted by the accountability court up to 12 years imprisonment and fines to the extent of their liabilities,” he said.
Out of a total recovery of Rs3,253.32 million of the whole Double Shah scam, the NAB Punjab had distributed Rs2,242.5 million to over 24,000 claimants.
The NAB said the Double Shah scam was one of the biggest financial frauds in the history of Pakistan which originated in Wazirabad, Gujranwala district and Sambrial district in Sialkot region during 2005-07.
The perpetrators indulged in the parallel banking system at individual level by unlawful collection of deposits. “Unscrupulous plunderers not only deprived the general public of their hard-earned money worth Rs9,091 million through cheating but also shattered the socio-economic fabric of the area.”
Meanwhile, the NAB has arrested M. Amjad Khan, accountant of Z.I Business Group Pvt Ltd, for embezzlement of Rs5.4 million through illegal gains and criminal breach of trust.
The accused will be produced before an accountability court for physical remand on Friday (today).