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| India-Pakistan |
| Pir Double Shah worries Pak investors |
| 2007-02-19 |
| Authorities in PakistanÂ’s rural Punjab are wary and investors are getting worried about a man who doubles the money given to him within 70 days. How Sibtul Hasan Shah, now popular as "Pir Double Shah", can double whatever sum is invested with him within 70 days is not known. His brother and frontman Intezar Shah said the business was in collaboration with some Dubai-based partners involved in "stocks" there. The Daily Times reported on Sunday that the suave and good-natured teacher-turned-businessman is himself becoming rich. He has opened branch offices and appointed agents to spread his business. Doubling of money through any banking system in South Asia generally takes anything between four to seven years, depending upon the prevailing interest rate that is stipulated by the government and monitored by the central bank. The report said that although Shah did not give a guarantee, or a proper receipt, for the money received and only wrote the sum on a plain sheet of paper, people were blindly investing with him. While those who have invested and benefited are happy, there are also those who have concerns that Shah might run away with the money invested with him while the government might look on "as a silent spectator". The Sialkot police says it has received no complaint from anybody duped. The Securities and Exchange Commission of Pakistan (SECP) says it only monitors registered financial institutions and Shah is not one of them. Shah, who started this "business" about 18 months ago, began by doubling money invested with him within 15 days. But as his business grew, the number of days for doubling the money increased to 70. Several senior officials of the area who invested with Shah did double their money, said local resident Usman Siddique, adding that he had also earned a 100 percent profit on the Rs 10,000 he invested with Shah. Shah was in Dubai for about two years thereafter. During his two or three visits home he persuaded some of his relatives and friends to help him start his own "business of doubling peopleÂ’s money". "After some time, he returned to Pakistan and gave all of them double the sums they had given him, as agreed," he added. An unnamed close relative of "Pir Double Shah" said Shah had bought a lot of property, including a petrol pump, and he also had several bank accounts across the country. He said that on the day Shah bought the petrol pump, he offered people free fuel. However, he too feared that Shah might flee with the money. "Pir Double Shah" was not available for comment, the newspaper said. But Intizar Shah said people did not bother about Shah not being registered. "People regularly visit our offices, and are investing large sums with us, because they trust Pir Double Shah," he added. |
| Posted by:John Frum |
| #3 Pakistan & forensic accountant? |
| Posted by: gromgoru 2007-02-19 22:37 |
| #2 That, or Mr. Shah is washing all sorts of drug/mob/terrorist money and using the rubes to create a tidal wave of transactions, designed to overwhelm any forensic accountant. |
| Posted by: Shieldwolf 2007-02-19 03:21 |
| #1 Obviously these folks never heard of Mr. Ponzi... |
| Posted by: PBMcL 2007-02-19 01:08 |