Durban businessman Thoshan Panday was denied bail in the Durban Magistrate’s Court after being arrested on tax fraud charges.
The Investigating Directorate Against Corruption has confirmed that Panday will remain in detention after being detained on September 5, 2024.
He is accused of defrauding SARS of R7.3 million.
Panday faces allegations of fraud, racketeering, and money laundering in connection with the 2010 Soccer World Cup accommodation scandal.
He was released on R100,000 bail in the case that is presently being handled in the Durban High Court.
Panday is charged with 27 charges of VAT and income tax fraud in the most recent case heard in the Durban Magistrate’s Court on Monday.
The Investigating Directorate Against Corruption (IDAC) stated that after extending its investigations into Panday-controlled firms’ tax compliance, SARS tax investigations discovered that declarations in the tax returns were incorrect.
“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.
