Latest news with #SanjayShah
Bloomberg
21-05-2025
- Business
- Bloomberg
Hedge Fund Founder's German Tax Fraud Money Laundering Charges Dropped
German money laundering charges against hedge fund founder Sanjay Shah in a €330 million ($374 million) case were dropped after his conviction in a similar Danish prosecution. A Hamburg court agreed to throw out the case with a view to the Danish proceedings, Shah's German lawyer Björn Gercke said in an interview. Shah is also facing a fresh set of separate Cum-Ex charges from Cologne prosecutors which aren't affected by the decision.
Economic Times
13-05-2025
- Business
- Economic Times
Prudent Corporate Advisory Q4: Revenue soars 37%, PAT jumps 41% on strong AUM growth
Prudent Corporate Advisory Services reported a 37% jump in revenue for the year ended March 31, 2025, to Rs 1,103.6 crore, driven by a 43% increase in the average yearly assets under management (AUM) in its mutual fund segment. ADVERTISEMENT The company's equity AUM crossed the milestone of Rs 1 lakh crore, ending FY25 at Rs 1,00,061 crore — a 25% growth over the previous year. Operating profit for FY25 rose 36% year-on-year to Rs 262.4 crore, with operating margins remaining stable at 23.8%. Profit after tax increased by 41% to Rs 195.6 crore, supported by robust core business performance and higher other income from treasury operations. The company's monthly SIP book rose 35% year-on-year in March 2025, reaching a record Rs 981 of Prudent Corporate Advisory, which have gained 60% over the past year compared to an 11% rise in the Nifty, ended 4% higher at Rs 2,437 on on the results, Managing Director Sanjay Shah said, 'In the 1980s, the United States witnessed a threefold increase in per capita GDP over two decades. But the real story was in the financial markets, where the mutual fund industry expanded by an unprecedented 52 times, unlocking massive retail participation and long-term wealth creation.' ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Indian Express
29-04-2025
- Indian Express
ED seizes Rs 5.92 crore in assets owned by ex-IAS officer from Gujarat
The Enforcement Directorate (ED) said it has provisionally attached immovable assets worth Rs 5.92 crore, belonging to ex-IAS officer Pradeep Sharma of the Gujarat cadre, under the Prevention of Money Laundering Act (PMLA). The assets include immovable properties in the form of plots in Bhuj, Kutch, Gujarat. The agency said on Tuesday that it initiated an investigation into alleged money-laundering by Pradeep Sharma, Sanjay Shah and others, on the basis of an FIR registered by the CID of the Border Zone, Bhuj, Gujarat, for cheating and criminal breach of trust. The investigation allegedly revealed that Pradeep Sharma, in connivance with other revenue officials, was 'involved in cheating and the illegal allotment of valuable government land' by leveraging his position as the former District Collector of Bhuj, Gujarat. He allegedly disregarded various government resolutions and allotted the land illegally to one Sanjay Shah, which would have caused an undue loss to the Gujarat government. Sanjay Shah allegedly later developed the said land into residential plots and allegedly generated revenue from the same, according to a statement by the ED. The properties were attached on April 25, the ED said. Further investigation is underway.
Reuters
18-02-2025
- Business
- Reuters
UK watchdog ends 'cum-ex' probe with final fine over Shah tax trades
Summary FCA issues final, eighth cum-ex fine Mako 'traded' Danish, Belgian stocks for Sanjay Shah's Solo Shah is appealing Danish jail sentence Mako says fine related to business closed a decade ago LONDON, Feb 18 (Reuters) - Britain has closed its investigation into "cum-ex" dividend tax fraud, issuing its eighth and final penalty over a trading scheme that is estimated, opens new tab to have siphoned billions of euros from continental European states' coffers. The Financial Conduct Authority said on Tuesday it had fined Mako Financial Markets 1.66 million pounds ($2.1 million) for missing red flags when executing billions of pounds in purported Danish and Belgian trades for clients of convicted hedge fund founder Sanjay Shah's Solo Group between 2013 and 2015. The FCA, which has now slapped fines worth more than 30 million pounds on seven companies and one individual over cum-ex trading, said it found no evidence that clients of Solo owned the shares. Coupled with the high volumes of stock apparently traded, this was highly suggestive of financial crime, it said. In cum-ex schemes, shares were traded rapidly to blur stock ownership ahead of a dividend payout, allowing multiple parties to claim tax rebates and exploit the tax codes of countries such as Denmark, Germany and Belgium. A crackdown has triggered bank raids, criminal and civil proceedings worldwide. Mako CEO Trystan Morgan Schauer said the fine related to a business that had been closed almost a decade ago, noting the company was now a proprietary trading firm. "Mako has nevertheless dedicated time and resources to strengthening its systems, controls and governance structure, including when on-boarding new businesses, to seek to prevent a recurrence of the matters set out in the (FCA) notice," he added. Mako qualified for a 30% reduction in the penalty for agreeing to settle and not disputing the FCA's conclusions. Its fine would otherwise have been 1.89 million pounds. British trader Shah, who has become the face of cum-ex trading, is appealing against a Danish 12-year jail sentence over tax fraud. He is being separately pursued in a 1.44-billion pound London civil case by Denmark's tax authority SKAT.
Reuters
10-02-2025
- Business
- Reuters
US jury rules for Danish tax authority in fraud case
NEW YORK, Feb 10 (Reuters) - A Manhattan federal jury on Monday ruled in favor of Denmark's tax authority, in the first U.S. civil trial concerning the country's effort to recoup about $2.1 billion of tax refunds it claims were obtained through fraud, court records show. Jurors sided with SKAT, the Danish equivalent of the U.S. Internal Revenue Service. Further information was not immediately available. The trial arose from complex arbitrage transactions known as "cum-ex" trades whose accused mastermind, British hedge fund trader Sanjay Shah, was sentenced by a Danish court in December to 12 years in prison after being found guilty of fraud. SKAT said pension plans used the trading strategy between 2012 and 2015 to make it falsely appear they bought tens of billions of dollars of Danish companies' stock, and then claimed refunds on taxes supposedly paid on dividends. Lawyers for SKAT and for the pension plan defendants did not immediately respond to requests for comment. Jurors reached their verdict on the second day of deliberations. The trial began on January 7. Get a look at the day ahead in U.S. and global markets with the Morning Bid U.S. newsletter. Sign up here.
