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 victims have been identified as Rosa Parraz (72), Eladio Parraz Jr (52), Jennifer Analla (50), Marcos Parraz (19), Elyssa Parraz (16) and Nycholas Parraz (10 months), reports the BBC. The house is located in Goshen, Tulare County.
During a speech on Tuesday at a White House celebration for the NBA champion Golden State Warriors, Biden said: "As 'CAM-a-la' said, we're all closely monitoring the storms, the floods, the landslides all across California." Biden -- the oldest-ever president at 80 -- is set to launch a 2024 re-election campaign, even as detractors question his 'mental acuity'.
Police found open cans of alcohol in Sukhpreet Singh's car after he was followed through a Derbyshire town swerving across lanes in November last year. The Southern Derbyshire Magistrates' Court heard that Singh, a Pizza Hut worker and a resident of Higher Albert Street, Chesterfield, was driving without a license.
The bullet discharged from a 9-mm handgun when Smith used it to strike the other man. It missed the man but went into the apartment and struck Mya in the head before grazing her mother, the Times reported. Mya was rushed to a nearby hospital, where she battled for three days before being declared dead on March 23.
Rapinder Kaur, 36, said she, her turban-wearing husband and their two-year-old child were subjected to racial taunts by guards during a visit to the castle last year, The Independent reported.
Kunal Chopra was returning from work when his Hyundai Getz collided head-on with a concrete pumping truck on William Hovell Drive last week, SBS Punjabi, a multicultural and multilingual broadcaster in Australia, reported. The Australian Capital Territory Ambulance Service paramedics declared Chopra dead on the scene.
