UAE freezes assets, entities of Desi Bling's Satish Sanpal, wife Tabinda in money laundering probe

In a massive setback for the Dubai-based Indian-origin businessman Satish Sanpal, the UAE Financial Intelligence Unit (FIU) has ordered a temporary freeze on his assets as part of a money laundering investigation. Not only that, the accounts linked to Sanpal's wife, Tabinda, and businesses linked to the couple have also been frozen, according to media reports.

DO CHECKOUT | Jabalpur to Burj Khalifa! How class 8 dropout built a Dubai empire & gifted pink Rolls-Royce to daughter

Which companies and assets have been frozen?

The entities that have been frozen include ANAX Capital Asset Management Company, ANAX Capital Financial Markets LLC, ANAX Holding FZCO, and SSB Bazaar General Trading LLC (precious stones business).

Besides this, it also covers investments, digital wallets and safe deposit boxes. The FIU has directed banks, financial institutions and virtual asset service providers (VASPs) to deny access to funds and assets immediately.

30-day freeze unless UAE Attorney General extends it

Under UAE law, the freeze lapses automatically after 30 days unless the Attorney General authorises an extension.

FIRs in India and status of the ED investigation

Sanpal, however, is not a first-time offender. Multiple FIRs have been registered in India against the businessman and an SIT has been constituted in connection with the complaints.

According to some media reports, the Enforcement Directorate (ED) has allegedly not registered an Enforcement Case Information Report (ECIR) in connection with the complaints. The ECIR reportedly examines complaints involving financial transactions, investor grievances and business dealings, while noting that the probe is ongoing and allegations haven't been proven.

From Class 8 dropout to Dubai billionaire

Originally from Jabalpur, Madhya Pradesh, Satish Sanpal is the founder of ANAX Holding, a Dubai-based conglomerate dealing in real estate, hospitality and investments valued at more than $3 billion.

Sanpal dropped out after Class 8 and started working at the age of 15. His first venture was a grocery shop, which was launched with a ₹50,000 loan from his mother, but it failed.  Later, he moved to Dubai with around ₹80,000 and entered the gold business before expanding into other sectors.

How much is Satish Sanpal's net worth?

As per media reports, Sanpal and his wife have a combined net worth of around $1.5 billion (around ₹14,000 crore).

Burj Khalifa home, luxury cars and lavish lifestyle

The couple, who live in a luxury residence inside the Burj Khalifa, shot to prominence after their appearance in the Netflix reality show Desi Bling. In a moment of pomp-and-show, Tabinda claimed that she owns 40 kg of gold and receives around 3 kg of gold every Dhanteras as a gift from her husband.

They also reportedly own luxury villas in Dubai Hills and an under-construction mansion on a 50,000 sq ft plot. Besides this, the Sanpal family owns a fleet of Rolls-Royces, a Bugatti Chiron, a private yacht, luxury watches, and designer accessories.

The ₹5.8 crore pink Rolls-Royce that made headlines

Before Desi Bling happened, the Sanpal family grabbed eyeballs after Satish gifted his one-year-old daughter Isabella a custom-built metallic pink Rolls-Royce Phantom worth roughly ₹5.8 crore with personalised interiors and monogrammed seats.