DUBAI: UAE Police say they have arrested and plan to extradite a British man wanted in Denmark over a $1.7bn tax scheme, one of Denmark’s largest-ever fraud cases.
The arrest of hedge fund trader Sanjay Shah, 52, follows after Danish officials signed an agreement in March allowing for extradition between the United Arab Emirates and Denmark.
Dubai Police confirmed the arrest in a tweet on Friday, in which it said the aim was to extradite Shah for prosecution in Denmark.
In a statement, Dubai police Brigadier General Jamal al-Jallaf said that the emirate received an international arrest warrant from Denmark for Shah, who is accused of a fraud that saw foreign businesses pretend to own shares in Danish companies and claim tax refunds for which they were not eligible.
“The 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 in order to receive dividend tax refunds,” al-Jallaf said. Danish authorities say the scheme ran for some three years beginning in 2012. –Agencies
