Mukesh Daswani Sentenced to Eight Years for Aggravated Fraud in Tenerife Court Ruling
The Provincial Court of Santa Cruz de Tenerife has sentenced Mukesh Daswani Daswani to eight years in prison and ordered him to pay over 1.9 million euros in restitution for aggravated fraud.
The Second Section of the Provincial Court of Santa Cruz de Tenerife has reached a verdict in a complex four-year legal case, sentencing Mukesh Daswani Daswani to eight years in prison for aggravated fraud. In addition to the prison term, he faces a daily fine for two years and will remain in custody should he choose to appeal.
The court ruled that the original contracts were invalid because they were rooted in criminal activity. Consequently, compensation for the victims will not be based on expected profits or contract terms. Instead, the court ordered a restorative payment: the original amount invested by each victim plus an additional 20% to account for inflation, lost assets, and the emotional distress caused by the long legal process. In total, Daswani must pay 1,926,275 euros, plus interest.
The ruling also addressed other individuals involved in the case. Francisco Imobach Pomares was acquitted of all charges. The company Pomares & Daswani S.L. was cleared of criminal liability, though it remains civilly responsible for ensuring two of the victims are repaid. Additionally, Daswani’s partner was found guilty of fraud as a beneficiary and ordered to repay 34,000 euros.
The court dismissed charges against Daswani regarding the concealment of assets. This case highlights the complexities of financial crime and the importance of distinguishing between civil damages and criminal fraud. The sentence, delivered this Thursday, concludes a major chapter in this case and sets a precedent for how compensation is calculated when contracts are found to be legally void.