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Dubai Court Issues Warrant Against Devina Mehra

Palak Shah Aug 07, 2024

Case in which Mehra is now wanted in Dubai is an outcome of a partnership dispute over division of assets, bank accounts and cash worth hundreds of millions of dollars, between Mehra and Shankar Sharma

A subpoena and an arrest warrant was issued on July 31 by a court in Dubai against Devina Mehra, one of India's leading equity portfolio managers. The Dubai Court of First Instance has issued directions to the Director of The Criminal Investigations and Investigation Department to arrest Indian born Mehra, who holds Antigua nationality, a North American country. The recent directions were issued by Judge/Adel Fadl Ahmed Fadl in Dubai.

Mehra is founder of First Global and the Dubai authorities had issued a LOC (Look Out Circular) against her on February 2, following which an order to freeze her bank A/cs was issued on February 29. Her accounts with Abu Dhabi Commercial Bank and Emirates NBD have been seized.

The case in which Mehra is now wanted in Dubai is an outcome of a partnership dispute over division of assets, bank accounts and cash worth hundreds of millions of dollars, between Mehra and Shankar Sharma, another founding partner of First Global. Both Mehra and Sharma are now seperated in business and have cut their marital ties. While the world may be least bothered about their marital status, the dispute involving division of business and assets concerning First Global is a significant disclosure related issue both for Indian clients of First Global PMS and market regulator SEBI, legal experts said. Mehra is now managing the business of First Global.

Mehra did not reply to an email query regarding her arrest warrant. BW will add her responses to the story as and when she replies.

Seizure of Mehra's bank accounts came after Dubai government authorities issued a LOC against her on February 2. But just two days prior to the LOC, Mehra managed to fly to New Delhi from Dubai and her immigration was marked at 8.02 AM, details from the documents show. On May 16, Businessworld first broke the story on LOC notice against Mehra. In her response to BW last time on the LOC story, Mehra had said that some personal assets were under litigation as part of her divorce process, which had nothing to do with the business or First Global.

Mehra who originates from India has given up her citizenship here and taken up the citizenship of Antigua and Barbuda, a tiny island nation in the Caribbean, known for its blue water beaches and offshore financial services. Mehra and First Global are among India's leading equity portfolio managers and handle millions of dollars worth client money.

The LOC against Mehra was issued following a judgment of Dubai Court ordering her to pay millions to Sharma, in case number 1637/2022. The LOC, a no-fly notice was issued under execution case number 139/2024. In another case, the Supreme Court of UAE has asked Mehra to pay $7 million to Sharma under case number 121/2023. The Dubai LOC was issued by the Department of Wanted Persons - General Department of Criminal Investigations and Investigations.

Palak Shah

BW Reporters The writer is author of the book: The Market Mafia - Chronicle of India’s High-Tech Stock Market Scandal & The Cabal That Went Scot-Free. Palak has been a journalist in Mumbai for nearly two decades now. He has worked for most premier pink papers including The Economic Times, Business Standard and The Financial Express and The Hindu Business Line. He was drawn to crime reporting at the age of 19 but a few years in the field told him that the fabric of crime had changed and the organised gangs, as Mumbai had witnessed during the eighties, no longer existed. It was business and markets that dominated the scenario. His passion to unravel the intricacies of the ‘white money’ economy led Palak to the world of finance and regulations.