Dubai police arrest British suspect in $1.7bn Danish fraud case | Information


Arrest of Sanjay Shah made doable after Denmark signed an extradition treaty with the United Arab Emirates in March.

Dubai police say they’ve arrested and plan to extradite a British man needed in Denmark over a $1.7bn tax scheme, certainly one of Denmark’s largest-ever fraud instances.

The arrest of hedge fund dealer Sanjay Shah, 52, follows after Danish officers signed an settlement in March permitting for extradition between the United Arab Emirates and Denmark.

Dubai Police confirmed the arrest in a tweet on Friday, by which it mentioned the goal was to extradite Shah for prosecution in Denmark.

In an announcement, Dubai police Brigadier Basic Jamal al-Jallaf mentioned that the emirate acquired a global arrest warrant from Denmark for Shah, who’s accused of a fraud that noticed international companies faux to personal shares in Danish corporations and declare tax refunds for which they weren’t eligible.

“The fraud scheme, referred to as ‘cum-ex’ buying and selling, concerned submitting 1000’s of functions to the Danish Treasury on behalf of traders and corporations from a number of international locations all over the world with a purpose to obtain dividend tax refunds,” al-Jallaf mentioned.

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

Shah has maintained his innocence in interviews with journalists whereas residing in Dubai throughout the previous few years, however he has by no means appeared in Denmark to reply the accusations. It was not instantly clear if Shah had an area lawyer within the Emirates.

A court docket date didn’t seem to have been instantly set in Dubai, and prosecutors didn’t instantly reply to a request for touch upon Friday.

In a joint assertion on Friday, Denmark’s justice and international Ministries praised Dubai’s arrest of Shah, whom they described as a goal of the nation’s prosecutors since 2015.

“The Danish Treasury has been cheated for a staggering quantity, and naturally, it shouldn’t be doable for suspected perpetrators to cover within the Center East and thus keep away from being held accountable in a Danish courtroom,” Justice Minister Mattias Tesfaye mentioned.

“Now I’m awaiting the authorized course of within the United Arab Emirates, and crossing my fingers that it’s going to find yourself that we are able to get Sanjay Shah on a airplane to Denmark, so he will be prosecuted on this nation,” he added.

“We’ll push for an extradition as quickly as doable,” Danish International Minister Jeppe Kofod wrote in a tweet on Friday.

Shah is certainly one of a number of suspects within the tax scheme sought by Danish authorities.


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