The Indian-origin entrepreneur and ANAX Holding founder Satish Sanpal has had his assets temporarily frozen by the UAE’s Financial Intelligence Unit as part of an ongoing money-laundering investigation.
As part of a money-laundering investigation, the UAE’s Financial Intelligence Unit (FIU) has imposed a temporary freeze on the assets of Satish Sanpal, a 41-year-old Indian-origin businessman residing in Dubai who appeared in the Netflix docuseries Desi Bling. The FIU order, issued about a week ago, requires banks, financial institutions, and virtual asset service providers (VASPs) in the Emirates to freeze Sanpal’s financial accounts and digital wallets, as well as accounts held by his wife, Tabinda, and entities associated with them.
What did FIU say in their order?
“You are immediately requested to freeze any funds or accounts or deposits or investments and deny access to the safe deposit boxes,” the FIU communique said, according to The Economic Times.
Satish Sanpal’s assets
ANAX Capital Asset Management Company, ANAX Capital Financial Markets LLC, ANAX Holding FZCO, and SSB Bazaar General Trading LLC are among the businesses named in that notice; they are allegedly tied to the offering of precious stones.
Banks and VASPs, according to UAE law, have to lift the freeze after 30 days unless the FIU approves keeping it going, and that needs the Attorney General’s clear consent.
Who is Satish Sanpal?
Hailing from Jabalpur in Madhya Pradesh, Satish Sanpal left school after Class 8 and started his entrepreneurial journey at just 15. With Rs 50,000 given by his mother, he opened a small grocery store. The business, however, shut down within two years, according to PTI.
Satish’s initial phase of career
Around 11 years ago, Sanpal moved to the UAE. He initially worked by connecting clients with stock market brokers. Over time, he expanded into several sectors, starting with technology and real estate before moving into media and hospitality. Strategic partnerships with leading hotel chains helped his ventures grow faster.
Satish founded ANAX Holding in 2018
In 2018, he founded ANAX Holding, a diversified business group that is reportedly valued at around $3 billion. The conglomerate includes ANAX Developments, ANAX Hospitality and ANAX Capital. During the Covid-19 pandemic, he is said to have invested in undervalued real estate in Dubai, many of which have since risen significantly in value. He is also reported to own a $120 million mansion in Dubai Hills and lives in the Burj Khalifa.
Is Satish Sanpal involved in money-laundering?
Sanpal has previously rejected media reports about his business dealings. In May, the Delhi High Court observed that he had been “prematurely labelled” a culprit in media coverage even though the official investigation was still underway, according to an Economic Times report.
On the personal front, Sanpal has been married to Tabinda for the past nine years, and the couple has a daughter. He also has two sons from his previous marriage.
