Firoz Patel, a Montreal-based money launderer, established an offshore corporation while under criminal investigation.
In 2017, as American and Canadian authorities intensified their investigations into rogue Montreal-based money transfer mogul Firoz Patel, he flew to the United Arab Emirates and established a secret offshore corporation, according to leaked documents obtained by the International Consortium of Investigative Journalists.
In April 2017, as US and Canadian officials intensified their investigations against rogue Montreal money transfer magnate Firoz Patel, he took a trip to the United Arab Emirates.
Patel entered the UAE on April 8, 2017, according to a stamp in his passport.
He became the only stakeholder in Argus Ltd. ten days later, a secret offshore firm he established with an office in a building owned by a prominent member of the Emirates’ royal family.
The trail of Patel’s offshore account is disclosed in leaked papers collected by the International Consortium of Investigative Journalists (ICIJ) as part of its global Pandora Papers investigation and shared exclusively with CBC and The Toronto Star in Canada.
The Pandora Papers is the world’s largest journalistic cooperation. Over 600 journalists from 117 nations and territories collaborated to look for and analyze millions of records exposed by tax haven leaks.
Patel and his younger brother Ferhan, according to publicly available American court records, ran Payza and several other unlicensed online money transfer services from 2004 until their indictment in 2018. They processed more than $250 million US in illicit transactions facilitating criminal activity such as child pornography distribution, Ponzi schemes, gambling, and drug trafficking.
The ‘Pandora Papers’ leak uncovers the wealthy and famous’s offshore tax havens
A major new leak of documents called ‘The Pandora Papers’ sheds light on how the wealthy and famous conceal their wealth and how an offshore tax haven industry continues to thrive. The International Consortium of Investigative Journalists, which includes the CBC, got the records. Elvis Stojko, a figure skater, and Jacques Villeneuve, a race-car driver, are among the Canadians listed in the documents. 2:33