Durban businessman Thoshan Panday was denied bail in the Durban Magistrate’s Court following allegations of tax fraud. Picture: Doctor Ngcobo/Independent Newspapers
Durban businessman Thoshan Panday was denied bail in the Durban Magistrate’s Court following his arrest on tax fraud allegations.
Panday will remain in custody after being arrested on September 5, 2024, as confirmed by the Investigating Directorate Against Corruption.
He is accused of defrauding the South African Revenue Services (SARS) of R7.3 million.
The charges relate to the 2010 Soccer World Cup accommodation fraud, where Panday is also facing charges of fraud, racketeering and money laundering.
He was out on R100,000 bail in the matter currently being heard in the Durban High Court.
In the latest case on Monday’s matter, heard in the Durban Magistrate’s Court, Panday faces 27 counts of fraud related to VAT and income tax.
The Investigating Directorate Against Corruption (IDAC) said after it had extended its investigations into the tax compliance of the entities controlled by Panday, tax investigations conducted by SARS revealed that declarations made in the tax returns were false.
“It is alleged that SARS had suffered prejudice in the amount of approximately R7.3 million as a result of these false tax declarations,” said spokesperson Henry Mamothame.
*This a developing story. More to follow.*
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