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.
Ashok Kumar Prahladbhai Patel, 40, appeared before US Customs and Border Protection (CBP) officers on November 24, last year at the Henry E. Rohlsen Airport in St Croix for pre-boarding inspection for his flight to Fort Lauderdale, Florida. During his inspection, Patel presented a fraudulent Florida driver's license, according to court documents.
Nitesh Bissendary, 31, lost control of his black Alfa Romeo in Leopold Street, Ramsgate, England on August 10, killing Yoram Hirshfeld, 81, and his pregnant daughter Noga Sella, 37, on the spot. Sella's husband, their son and daughter aged six and eight, were badly injured in the crash, which occurred when Bissendary's vehicle collided with the family's car.
A graduate visa, previously known as the post-study visa, gives one permission to stay in the UK for at least two years after successfully completing a course in the country. Indians received 41 per cent of the total number of Graduate Route visas after it was introduced in 2021, according to recent UK immigration statistics.
Gurcharan Singh of TREK 2000 International was convicted on Monday of eight charges, with nine other similar charges taken into account in sentencing him, The Business Times reported.
At a press briefing on Friday, WHO emergencies director Dr. Michael Ryan said the organization was glad to see China “adjusting their current strategies” in trying to recalibrate their response to COVID-19.
The Sikh Soup Kitchen recently reached the 5,000-meal landmark since its opening in November last year, and serves 150 hot vegetarian meals every Sunday outside the Luton Town Hall.
