The UAE's Financial Intelligence Unit (FIU) has ordered a temporary freeze on the assets of Satish Sanpal, the 41-year-old Dubai-based Indian-origin businessman who stars in the Netflix docusoap "Desi Bling", as part of a money laundering probe.
The FIU order, issued about a fortnight ago, directs banks, financial institutions and virtual asset service providers (VASPs) in the Emirates to freeze Sanpal's financial accounts and digital wallets, and extends to accounts held by his wife Tabinda and companies linked to the couple.
"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.
Business entities named in the notice include ANAX Capital Asset Management Company, ANAX Capital Financial Markets LLC, ANAX Holding FZCO, and SSB Bazaar General Trading LLC, reportedly dealing in precious stones.
Under UAE law, banks and VASPs must lift the freeze after 30 days unless the FIU issues an extension, which requires explicit authorisation from the Attorney General. Sanpal could not be reached for comment, and it was not confirmed whether he was in the UAE at the time of the report.
Who Is Satish Sanpal?
A school dropout from Jabalpur, Madhya Pradesh, Sanpal left studies after Class 8 and started a small grocery shop at age 15 with Rs 50,000 given to him by his mother, according to news agency PTI. The venture shut within two years.
He moved to the UAE roughly 11 years ago and began helping clients connect with stock market brokers before branching into other businesses. His first business venture was in the technology and real estate sectors. He later entered the media and hospitality sectors. With his forward-thinking approach, Satpal established alliances with leading hotel chains, which propelled his venture to great heights.
In 2018, he founded ANAX Holding, a conglomerate reportedly valued at around $3 billion, which now comprises ANAX Developments, ANAX Hospitality and ANAX Capital. He is reported to have invested in undervalued Dubai properties during the Covid-19 pandemic that have since multiplied in value, and owns a $120 million mansion in Dubai Hills.
Sanpal, who resides in Burj Khalifa, has previously denied media allegations about his business dealings. In May, the Delhi High Court had observed that he had been "prematurely labelled" a culprit in media reports even though the official investigation remained ongoing, the ET report said.
Sanpal has been married to Tabinda for nine years and the couple has a daughter. He also has two sons from his previous marriage.
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