GUJRAT, March 31: Different banks lying in Gujranwala, Sialkot and Gujrat - known as the golden triangle for its affluence - have been losing clients to a one-man moneymaking machine euphemistically called Double Shah. The man is ‘known for’ doubling the money of his clients in only 70 days.

Sibtul Hasan Shah, known here as Double Shah, belongs to Wazirabad and it may be no coincidence that the banks in an around the town have been worst hit by his enterprise. A few days ago Dawn reported that Double Shah is running his private bank at Allahabad in Wazirabad for the last 20 months. In the beginning he promised to double his clients’ money in just 15 days, and it was only later that he enhanced the period to 45 days and then to 70 days. The minimum deposit amount is Rs 35,000. There is no upper limit. It is an option hard to resist given the returns banks offer to their clients.

Sources in different banks in Gujrat report an unusually brisk pattern of cash withdrawals at their branches and say they will not be surprised if this is linked to Double Shah’s private bank.

Similar reports are also received from Gujranwala and Sialkot districts. Sources say bank managers recognise they have competition from Double Shah and have taken up the matter with their seniors in recent months.

In Wazirabad, sources say some banks have lost around 30 per cent of the total money deposited with them in savings accounts over the last one year or so. They say almost 50 per cent of the town’s cutlery manufacturers and a large percentage of cloth and grain sellers have said goodbye to banks where they had their accounts.

If this is not enough, an insider says people have in fact taken loans from banks against their gold articles etc “to deposit the money with Double Shah.” One particular bank sanctioned 500 such loans in the last few months.

Mohammad Farooq, manager operations of National Bank of Pakistan in Wazirabad, admits his bank has lost more than 10 per cent of its deposits over the last few months. He, however, refuses to ascribe this decline to Double Shah and his bank, though. “The account holders did not inform us why they were withdrawing their money,” he says.

Chaudhry Ejaz of the PICIC Bank does hold the private bank for the rather sudden decline on bank deposits in the area, while Qazi Raza, the manager of Alfalah Bank, Wazirabad, tells Dawn by telephone that three months after the launch of the branch, he is finding it difficult to attract clients due to the presence of Double Shah.

Syed Babar Ali Abidi, manager of the Habib Bank Limited, Wazirbad, says that due to routine fluctuations in market trade activities, his bank might have received nominal shortfall of revenues. But there was not a permanent shortfall in revenues, he said. He expressed his ignorance about the presence of the private bank of the Shah and people inspiration towards it.

Zaheer Ahmad, assistant vice-president of National Bank of Pakistan, Gujrat, told Dawn that he had convened a meeting of managers of all the 42 branches where the matter related to DS’ private bank would be discussed.