Durban businessman Thoshan Panday will spend the weekend behind bars after being arrested on tax fraud charges.
The 51-year-old appeared in court on Thursday and faces 27 counts of fraud related to VAT and income tax, with the South African Revenue Services allegedly losing millions of rands.
According to the Investigating Directorate Against Corruption (IDAC), Panday controlled several entities that received payments from the South African Police Services (SAPS) totaling around R47 million, allegedly due to a corrupt relationship with SAPS officials.
These payments were made for services rendered during the 2010 Soccer World Cup.
Panday is already facing charges of fraud and corruption in the Durban High Court, along with eight co-accused, including family members and his personal assistant.
He is currently out on R100,000 bail in that matter.
The new tax fraud charges stem from false tax returns submitted for the entities he controlled, which received SAPS payments during the 2010 and 2011 tax years.
The South African Revenue Services (SARS) alleges that false declarations resulted in a prejudice of approximately R7.3 million.
Panday’s formal bail application is set for Monday, September 9, 2024, which the state intends to oppose.
