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FCA decides on £5.95m fine and industry ban for Nailesh Teraiya in latest cum-ex case

News Financial services English Sanctions & Fines
Date: 18th Mar, 2024 Source: Financial Conduct Authority Country: United Kingdom Original Source

Brief

Summary:

Nailesh Teraiya, former CEO of Indigo Global Partners Limited, has been fined u00a35.95 million and banned from regulated activities by the Financial Conduct Authority (FCA). The FCA found that Teraiya was responsible for a sham trading scheme that obtained u20ac91.2 million from the Danish tax authority, but in reality, the claim was based on fake shares and no tax had been paid. Teraiya received over u00a35.1 million in personal profits from the scheme. The FCA considers his behavior as dishonest and lacking integrity, and Teraiya has breached principle 1 of the Statements of Principle for Approved Persons.

Nailesh Teraiya has referred his Decision Notice to the Upper Tribunal. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised. The Financial Conduct Authority (‘FCA’) has decided to fine Mr Teraiya, formerly the sole controller and chief

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Nailesh Teraiya has referred his Decision Notice to the Upper Tribunal. Any findings in the Decision Notice are therefore provisional and reflect the FCA’s belief as to what occurred and how it considers his behaviour should be characterised. The Financial Conduct Authority (‘FCA’) has decided to fine Mr Teraiya, formerly the sole controller and chief

This content is restricted.

Financial Conduct Authority

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