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.
Karthik Balasubramanian, 44, who was vacationing in Japan with family, lost his wife Lin, 41, and their daughter Aahana in the fatal accident that occured on January 10. He returned to Singapore on Wednesday along with his three year-old daughter who survived the crash.
Indian-origin British Sikh Army officer Preet Chandi, who made history by trekking to the South Pole, has broken the world record for the longest, solo, unsupported, and unassisted polar expedition by any woman in history.
A Federal prosecutor has charged a "prominent" Indian-American of using his standing in the community to rip off others in a real estate scam that promised high rates of returns. Michael Easley, the federal prosecutor for eastern North Carolina, announced on Tuesday that Kumar Arun Neppalli, 56, has been charged with defrauding 12 people.
The court heard that on September 7 last year, Singh smashed a window in De Montfort House, Leicester city centre, with a hockey stick after getting a warning note on his car asking him not to park in the wrong spot.
Five Indians, including the four from Ghazipur and one from Bihar, were on board the Yeti Airlines ATR 72 aircraft which crashed in Pokhara on January 15. The four Ghazipur victims on the ill-fated plane include -- Sonu Jaiswal, 35, Abhishek Kushwaha, 25, Vishal Sharma, 22, and Anil Kumar Rajbhar, 27.
Ardern, who became the youngest female head of government in the world when she was elected Prime Minister in 2017 at the age of 37, said that the six "challenging" years in the job had taken a toll.
