September 26, 2008	Friday	Ramazan 25, 1429

LAHORE, Sept 25: Not too long after detection of a nerve-wracking financial scam, another 'Double Shah' has emerged on the scene as he has deprived a good number of residents of 45 Sambrial villages of Rs148.5 million.

The promise of doubling a depositor's money in 70 days by following in the footsteps of Sibtul Hassan Gillani, aka, Double Shah, of Wazirabad has worked for Fayyaz Husain of Sambrial (Sialkot).

While Sibtual Hassan had collected Rs5.4 billion from over 24,000 people of his native town and adjoining districts, the number of Fayyaz Husain's clients (victims) appears to be 356 at the moment.

A National Accountability Bureau investigation officer told Dawn on Thursday that Fayyaz Husain, a farmer by profession, had drawn inspiration from Sibtul Hassan's business and initiated his own venture last year in his native town, attracting the farmers of villages nearby to deposit with him their savings.

"A good number of residents of 45 villages of Sambrial handed him over Rs148.5 million in the hope of getting the amount doubled on return in 70 days," the officer said, equating the venture with the Double Shah scam by saying that Fayyaz too won the people's confidence by returning the amount of some depositors after doubling it.

He further said Fayyaz, after collecting the money, managed to escape to Dubai. "So far some 356 people have approached the NAB for their claims in this case," he said, adding that each of them had only receipts bearing the signature of Fayyaz to support their claims.

"The modus operandi of Fayyaz is, however, different from that of Sibtual Hassan. He would pay 20 per cent on the amount deposited with him and promise to return the double amount on the actual deposit."

The claimants included farmers and the families whose members were settled in Italy, Germany and Spain. The depositors had staked amounts ranging between Rs10,000 and Rs1.5 million, the officer said.

As for the progress in the case, he said the NAB had included four of Fayyaz's employees into investigation and they had led it to his bank accounts, amounting to Rs65.5 million, which the bureau had got frozen.

It had also requested the interior ministry to get his (Fayyaz's) passport blacklisted. "This will help stop him from leaving Dubai for any other country. Besides, his name has already been placed on the Exit Control List."

Brig Farooq Hameed (retired), the NAB's Punjab director investigation, said the inquiry into the complaint had been upgraded into investigation. "All efforts are being made to recover the looted amount in the case and return the same to the rightful claimants after due verification as soon as possible through complete transparency."

Another official, however, expressed his qualms about the investigation fate. "What if the NAB is rolled back and who will then ensure the return of the plundered amount to the victims?" he asked.

The Double Shah's case was surfaced in 2006. He was not alone in the business as Tasawar Husain, Mukhtar Husain and Zaheer Abbas Ghumman of Gujranwala division had received Rs1.93 billion, Rs223 million and Rs1.86 billion, respectively, from 15,000 people of the division on the same lines.

All the accused, including Sibtul Hassan, had recruited 365 agents who would collect money and issue chits on behalf of their employers. Only a few could be nabbed. In the first phase, the NAB had paid over Rs579.5 to 8,000 victims of these fraudsters as first installment.

Sibtual Hassan has been in judicial custody while Tasawar Husain and Mukhtar Husain are absconding. Zaheer Abbas has entered a plea bargain with the NAB.