The Financial Conduct Authority confirmed that former chief executive Denisz Nagy and former finance director Sanjay Maraj were fined £324,800 and £122,000 respectively for their roles in the operation. The scheme allowed clients to pay a £400,000 fee to Dolfin-connected businesses instead of committing the mandatory £2 million investment required under the Home Office Tier 1 Investor visa rules. This deception generated at least £35.5 million in fees before the practice was uncovered, leading to the firm entering special administration in 2021.
FCA Bans Former Dolfin Executives Over Golden Visa Scheme
Three former senior figures at Dolfin Financial (UK) Limited have been banned from the financial services industry for orchestrating a scheme that allowed wealthy clients to bypass UK visa regulations. The regulator found the group helped at least 99 individuals secure residency by falsifying investment requirements between 2016 and 2019.
Therese Chambers, joint executive director of enforcement and market oversight at the FCA, noted that the individuals actively concealed the true nature of their activities from regulators. While Nagy and Maraj settled with the authority, co-founder Roman Joukovski—who the FCA identified as an unapproved shadow director—has challenged his ban at the Upper Tribunal. The case highlights a significant breach of integrity, as the defendants created a false impression of compliance to undermine the purpose of the now-defunct golden visa system.
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