Firoz Patel was found guilty in the US back in July 2020 due to certain cases. A company he set up in the United Arab Emirates is included in the Pandora Papers files.
Rogue Montreal-based money transfer mogul Firoz Patel boarded a flight to the United Arab Emirates on April 8, 2017, as American and Canadian experts advanced inquiries into his actions.
Leaked documents obtained by the International Consortium of Investigative Journalists as part of the worldwide Pandora Papers investigation reveal the trail of Patel’s offshore account. More than 600 journalists in 117 countries and territories worked together to search and analyze millions of records leaked from tax havens.
Patel, brother Ferhan ran Payza, wh is his brother, and some other unlicensed virtual money transfer services processed more than $250 million in illegal dealings that enabled immoral activity, including child pornography distribution, Ponzi schemes, gambling, and drugs from 2004 until their indictment in 2018.
Firoz Patel, who is still serving a three-year term in a Connecticut prison, faces an $18.4-million tax bill in Quebec that he is disputing. His brother, Ferhan, was sentenced to 18 months.
A corporate registrar in the UAE has leaked documents to the ICIJ, but they do not divulge how Patel used Argus or if he channeled cash past it. The U.S. Unit of Justice has declined to comment on this information.
According to sources, a Canadian businessman named Patel used a shell corporation in the UAE. SFM offers a variety of corporate services, including the formation of shell companies.
