British man arrested in Dubai over £1.3bn tax fraud case and faces extradition to Denmark

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A British man needed in Denmark over a £1.3bn tax case has been arrested in Dubai and now faces extradition.

The arrest of hedge fund dealer Sanjay Shah, in certainly one of Denmark’s largest-ever fraud instances, comes after the nation signed an settlement in March permitting for extradition there from the United Arab Emirates.

The 52-year-old has maintained his innocence in interviews with journalists whereas dwelling in Dubai over current years on the city-state’s artifical Palm Jumeirah archipelago, however by no means appeared in Denmark to face the claims.

“We’ll push for an extradition as quickly as potential,” Danish overseas minister Jeppe Kofod stated in a tweet.

It was not instantly clear if Shah had a neighborhood lawyer within the UAE.

No court docket date seems to have been set to date in Dubai, the business capital of the seven-sheikhdom federation of the UAE, and prosecutors didn’t instantly reply to a request for remark.

It comes after Denmark’s tax authority received an attraction in UK courts, following a decide’s earlier resolution to refuse a bid to listen to the case in Britain on the grounds it was not the right place to deliver a overseas tax declare.

A spokesman as soon as related to Shah, who ran the agency Solo Capital Companions, didn’t instantly reply to a request for touch upon the newest improvement.

Shah had run a centre for autistic youngsters in Dubai that shut down in 2020 amid the makes an attempt by Denmark to extradite him.

He additionally ran the British-based charity Autism Rocks, which raises cash by means of arranging reveals by main performers.

Dubai police Brigadier Basic Jamal Al Jallaf stated the emirate acquired a global arrest warrant from Denmark for Shah.

Brig Gen Al Jallaf stated in an announcement that Shah was accused of a fraud that allegedly noticed overseas companies fake to personal shares in Danish firms and declare tax refunds for which they weren’t eligible.

“The fraud scheme, often known as ‘cum-ex’ buying and selling, concerned submitting hundreds of purposes to the Danish Treasury on behalf of buyers and firms from a number of international locations around the globe with a view to obtain dividend tax refunds,” Brig Gen Al Jallaf stated.

Danish authorities say the scheme ran for some three years from 2012.

Denmark’s justice and overseas ministries praised Dubai’s arrest of Shah, whom they described in a joint assertion as a goal of the nation’s prosecutors since 2015.

Shah is certainly one of a number of suspects within the tax scheme sought by Danish authorities, described as one of many largest fraud instances within the nation’s historical past.

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