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.
Both David Cohen, Washington's envoy in Ottawa, and Kirsten Hillman, the top Canadian diplomat in D.C., say strong voter turnout is a sign of health in the U.S. political system. The final outcome remains to be determined.
The prayer books have been printed in three languages in durable and waterproof material to withstand the rigours of military life, said the BBC report. While the British Army Gutka has a camouflage cover, the Royal Navy and RAF Gutka has a navy blue one.
Waseem Maknojiya, who was illegally residing in Houston, had pleaded guilty on September 13, 2021, a press statement by the US Attorney's Office in the Southern District of Texas said. On Tuesday, US District Judge Lynn N. Hughes ordered Maknojiya to serve 60 months in federal prison.
The number of foreign-born residents increased by 2.5 million over the decade to 10 million. India was the most common country of origin, accounting for 920,000 people, which is 1.5 per cent of the usual resident population, the 2021 census showed.
The 32-year-old James Zhong from Georgia fraudulently obtained the Bitcoin from The Silk Road -- a site on the dark web once called "the Amazon of drugs" -- in 2012. Thanks to state-of-the-art cryptocurrency tracing and good old-fashioned police work, law enforcement located and recovered this impressive cache of crime proceeds.
More than 1.4 million mail-in ballots were requested in Pennsylvania this year, he added — 70 per cent of them by registered Democrats, compared to 20 per cent by registered Republicans.
