• Feedback
  • RSS Feed
  • Sitemap
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ
No Result
View All Result
Odisha News, Odisha Breaking News, Odisha Latest News || Ommcom News
Home World

Dubai Court Orders Hedge Fund Trader Sanjay Shah To Pay $1.25bn To Danish Authorities

OMMCOM NEWS by OMMCOM NEWS
May 26, 2023
in World

Dubai:  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.

(IANS)

ShareTweetSendSharePinShareSend
Previous Post

13 Indians Found Guilty Of Money Laundering, Tax Evasion In UAE

Next Post

Chandigarh Wins Women’s T-10 National Cricket Championship For Deaf In Bengaluru

Related Posts

External Affairs Minister S. Jaishankar
Nation

Operation Sindoor: How India Aced Diplomatic Battle After Hitting Terror Hubs Inside Pakistan

May 9, 2025
President Putin
World

MoS Defence Sanjay Seth Meets President Putin, Thanks Russia For Support In Fight Against Terror

May 9, 2025
American-Jewish Community
World

American-Jewish Community Thanks India For Eliminating Islamist Terrorist Abdul Rauf Azhar

May 9, 2025
Greet Pope
Nation

PM Modi, LoP Gandhi Greet Pope On Election As New Leader Of Christian World

May 9, 2025
World

Iran Denies US Media Claim Of Identifying Secret Nuclear Facility

May 9, 2025
World

Brazil Expresses Concern Over India-Pak Tensions; Rejects All Forms Of Terrorism

May 9, 2025
Next Post

Chandigarh Wins Women's T-10 National Cricket Championship For Deaf In Bengaluru

BAI To Conduct Trials To Pick Squad For Badminton Asia Junior Championship

AMM Foundation Becomes Borussia Dortmund's Official Youth Development Partner In India

Khimji
TPCODL
  • Feedback
  • RSS Feed
  • Sitemap

© 2025 - Ommcom News. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • Odisha
  • Nation
  • World
  • Sports
  • Business
  • Entertainment
  • Videos
  • Science & Tech
  • Photo Gallery
  • ଓଡ଼ିଆରେ ପଢନ୍ତୁ

© 2025 - Ommcom News. All Rights Reserved.