FCA Bans Dolfin Financial Chiefs Over Visa Fraud Scheme

On August 26, 2023, the Financial Conduct Authority (FCA) announced the ban of three former senior figures at Dolfin Financial (UK) Limited for their involvement in a fraudulent scheme that enabled clients to obtain UK investor visas. Former chief executive Denisz Nagy was fined £324,800, while former finance director Sanjay Maraj received a £122,000 fine.

Both men were also barred from working in financial services. Roman Joukovski, a co-founder of Dolfin, was banned but did not face a financial penalty.

The scheme, operational between 2016 and 2019, allowed clients to pay a £400,000 fee instead of investing the required £2 million in UK companies, creating a false appearance of compliance with visa conditions. The FCA found that at least 99 individuals benefited from this arrangement, generating over £35.5 million in fees.

Nagy and Joukovski were identified as key figures in the scheme, while Maraj managed its financial operations. The FCA emphasized its commitment to addressing such misconduct.