Durban businessman Thoshan Panday is set to spend Friday and the weekend in jail following his arrest over tax fraud allegations.
The 51-year-old businessman made an appearance in the Durban Magistrate’s Court on Thursday.
According to the Investigating Directorate Against Corruption (IDAC) Panday is facing 27 counts of fraud, pertaining to VAT and income tax that saw the South African Revenue Services allegedly prejudiced of millions of rands.
IDAC spokesperson Henry Mamothame said the matter was adjourned to Monday, September 9, 2024 for a formal bail application.
He said the state intended opposing the application.
“The State alleges that Panday was effectively in control of several entities which had received payments from the South African Police Services (SAPS) in an amount of approximately R47 million owing to a corrupt relationship with members of the Supply Chain Management Division of the SAPS.
“These payments were allegedly made in respect of services rendered to the SAPS preceding and during the Soccer World Cup in 2010.”
Panday is among the nine accused currently appearing for that matter in the Durban High Court where they are faces charges of fraud and corruption.
He is out on R100,000 bail in that matter, while the others were released on bail ranging from R5,000 upwards.
His co-accused include close family members like his 69-year-old mother Arvenda, his wife Privisha Panday, 45, his sister Kajal Ishwarkumar, 37, brother-in-law Seveesh Maharaj, 44, and personal assistant Tasleem Rahiman, 35.
Speaking about today’s proceedings, Mamothame explained that Panday now faces tax fraud charges.
He said this is as a result of the submission of tax returns in respect of the entities that he had controlled, which received payments from the SAPS during the 2010 and 2011 tax years.
“After the Investigating Directorate Against Corruption (IDAC) 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.”
IOL