Thoshan Panday, a Durban businessman, is scheduled to spend Friday and the weekend in jail following his arrest on tax fraud charges.
The 51-year-old businessman appeared in the Durban Magistrate’s Court on Thursday.
According to the Investigating Directorate Against Corruption (IDAC), Panday is charged with 27 instances of VAT and income tax fraud, which reportedly cost the South African Revenue Services millions of rands.
According to IDAC spokesperson Henry Mamothame, the matter has been deferred until Monday, September 9, 2024, for a formal bail application.
He stated that the state intended to oppose 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 one of nine accused who are currently appearing in the Durban High Court on allegations of fraud and corruption.
He is out on R100,000 bail in that case, while the others have been released on bail ranging from R5,000 to R100,000.
His co-accused include close family members such as 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 stated that Panday is now facing tax fraud allegations.
He stated that this is as a result of the submission of tax forms for firms under his control that received SAPS payments in 2010 and 2011.
“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.”
