Dubai court orders hedge fund trader Sanjay Shah to pay $1.25bn to Danish authorities
Darpan News Desk IANS, 26 May, 2023 11:04 AM
Dubai, May 26 (IANS) A Dubai court has ordered Indian-origin hedge fund trader Sanjay Shah, convicted of tax fraud and money laundering, to pay Denmark's tax authority 4.6 billion dirhams ($1.25bn), thus rejecting a final appeal by him against a civil lawsuit, media reports said.
The Dubai Court of Cassation issued a binding ruling this month, saying Shah must pay the amount as part of a civil case that was filed by Denmark's tax authority (Skat) five years ago, The National reported.
Shah also has to pay to the Danish authorities an additional 5 per cent interest on the sum, accrued from the date the case was lodged in August 2018, the court said.
"The process of execution in terms of how this money will be paid back to Skat, has already been initiated," said OGH Legal, the Dubai firm acting on behalf of the Danish tax agency.
"This conclusive ruling after a nearly five-year pursuit of justice underscores the serious and uncompromising stance of the UAE authorities against financial misconduct," The National quoted OGH Legal as saying.
Shah, 52, who lived on The Palm Jumeirah, was arrested by Dubai Police in June last year following Denmark's extradition petition. His fraud scheme involved submitting thousands of applications to the Danish Treasury on behalf of investors and companies from several countries around the world in order to receive dividend tax refunds, according to Dubai Police.
The scheme involved 126 fake companies.
In April this year, the Court of Cassation ruled that Shah would be extradited to Denmark for prosecution over the tax fraud allegations. A UAE official said last month that the process of extraditing Shah was set to begin.
The US Citizenship and Immigration Services (USCIS) said February 27 was the final receipt date for new cap-subject H-2B worker petitions requesting an employment start date on or after April 1 and before October 1.
Between February 14 and 20, a poll conducted by the Berkeley Institute of Government Studies and The Los Angeles Times asked 7,512 registered voters about Harris running for President if Biden decided not to seek a second term. It found that 59 per cent of registered voters were hesitant about Harris seeking the country's highest office.
Singh pleaded guilty to six conspiracy charges, including conspiracy to commit wire fraud, conspiracy to commit money laundering and conspiracy to violate federal campaign finance laws. The US Securities and Exchange Commission (SEC) charged Singh for his role in a multi-year scheme to defraud equity investors in FTX.
She moved to the US after graduating from India. Her husband, Mudambi S. Srivatsa, said she had big dreams, and wanted to give her family the best things possible. A fundraiser has been set up to manage the cost of services to transport her body to Mysuru for her last rites.
The BBC report said that the 38-year-old accused will first have to appear in court in the state of Victoria, before being moved to Queensland where the crime took place. He will then face a magistrate in Brisbane, probably later this week, before being remanded in custody.
The Air Canada crew found one litre bottle of Bacardi and a water bottle containing a liquid smelling strongly of alcohol with Patel. The crew confiscated the bottles as according to the Civil Aviation and Safety Authority, airline passengers can only consume alcohol provided by cabin crew during a flight.
