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.
Harinder Singh Randhawa, who is recuperating in the hospital under police custody, was driving a Peugeot with four passengers inside when it collided with a Toyota Hilux ute at an intersection at Pine Lodge, near Shepparton earlier this month, the SBS Punjabi channel reported. Randhawa will be appearing in Melbourne Magistrates' Court on June 8.
More than 200 people held a candlelight vigil in McKinney, Texas, in the memory of a nine year-old Indian-origin boy who was allegedly stabbed to death by his father last week.Subramanian Ponnazhakan, 39, was booked on capital murder charge and his bail was set at $1 million, the McKinney Police said.
Among the 313 respondents from the US and India, more than half said they often do cyberbullying while only 6 per cent said they had never committed cyberbullying. Educated and married people, irrespective of their gender, were most likely to commit cyberbullying more frequently, but demographics were not the only factors at play.
Hashim Aziz was driving at over three times the speed limit to "impress his cousins" when his Audi A3 crashed into Baljinder Kaur Moore's Vauxhall Corsa in West Midlands, in November last year, the Mirror reported. Baljinder, 32, was on her way to pick up her husband from his brother's home, and she was driving at 62 mph.
From January 1, 2011 to December 31, 2016, Pandya knowingly submitted false claims to federal healthcare programmes for medically unnecessary cataract extraction surgeries and YAG laser capsulotomies, according to a Justice Department release.
Stakeholders say they expect the summit to produce an agreement that will allow Canada's Nexus enrolment centres to reopen, with interviews with U.S. border agents taking place at Canadian airport facilities that already provide preclearance services for travellers heading stateside.
