A British guy sought after 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 one in every of Denmark’s largest-ever fraud circumstances, comes after the rustic signed an settlement in March bearing in mind extradition there from the United Arab Emirates.
The 52-year-old has maintained his innocence in interviews with reporters whilst dwelling in Dubai over fresh years at the city-state’s artifical Palm Jumeirah archipelago, however by no means seemed in Denmark to stand the claims.
“We can push for an extradition once imaginable,” Danish international minister Jeppe Kofod mentioned in a tweet.
It used to be no longer in an instant transparent if Shah had a neighborhood legal professional within the UAE.
No courtroom date seems to were set thus far in Dubai, the economic capital of the seven-sheikhdom federation of the UAE, and prosecutors didn’t in an instant reply to a request for remark.
It comes after Denmark’s tax authority received an enchantment in UK courts, following a pass judgement on’s previous choice to refuse a bid to listen to the case in Britain at the grounds it used to be no longer the right kind position to convey a international tax declare.
A spokesman as soon as related to Shah, who ran the company Solo Capital Companions, didn’t in an instant reply to a request for touch upon the most recent building.
Shah had run a centre for autistic youngsters in Dubai that close down in 2020 amid the makes an attempt by way of Denmark to extradite him.
He additionally ran the British-based charity Autism Rocks, which raises cash via arranging displays by way of primary performers.
Dubai police Brigadier Basic Jamal Al Jallaf mentioned the emirate won a global arrest warrant from Denmark for Shah.
Brig Gen Al Jallaf mentioned in a observation that Shah used to be accused of a fraud that allegedly noticed international companies faux to possess stocks in Danish firms and declare tax refunds for which they weren’t eligible.
“The fraud scheme, referred to as ‘cum-ex’ buying and selling, concerned filing hundreds of programs to the Danish Treasury on behalf of traders and firms from a number of international locations world wide with a view to obtain dividend tax refunds,” Brig Gen Al Jallaf mentioned.
Danish government say the scheme ran for some 3 years from 2012.
Denmark’s justice and international ministries praised Dubai’s arrest of Shah, whom they described in a joint observation as a goal of the rustic’s prosecutors since 2015.
Shah is one in every of a number of suspects within the tax scheme sought by way of Danish government, described as one of the vital biggest fraud circumstances within the nation’s historical past.