Team Blitz India
British hedge fund trader Sanjay Shah, who is accused of a $1.8 billion dividend-tax fraud, has been extradited by the United Arab Emirates to Denmark, according to an agency report.
“UAE authorities extradited accused Sanjay Shah, a British national, to Denmark, where he is wanted by judicial authorities for cases of tax fraud and money laundering,” WAM reported.
“Shah was extradited to Denmark’s security mission, according to legal procedures, based on a decision by the Court of Cassation in Dubai and the resolution by the Minister of Justice, who approved the extradition,” the agency reported.
He was arrested by Dubai police last year following the Danish investigation into Solo Capital, a hedge fund that he founded. Mr Shah denies the charges and insists that the trades were legal.
Shah’s alleged fraud scheme, known as ‘Cum-ex’ trading, involved submitting thousands of applications to the Danish Treasury on behalf of investors and companies from several countries around the world to receive dividend tax refunds, Dubai Police said earlier. The scam, which spanned three years from 2012, has been described as one of the largest fraud cases in Denmark’s history.
