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Dubai court grants extradition of Sanjay Shah to Denmark over tax fraud worth $1.7 billion
A British citizen, Shah was a hedge fund trader who was arrested by the Dubai Police earlier this year
The Dubai Court of Appeal has issued a ruling to extradite Sanjay Shah, a British citizen, to Denmark. Danish authorities want the suspect for alleged fraud and money laundering.
The ruling follows the hearing of an appeal by Chancellor Essam Issa Al Humaidan, Attorney General of Dubai, to the Dubai Court of Cassation against a previous ruling of the Dubai Court of Appeal rejecting a request for the suspect’s extradition. The Court of Cassation decided to return the case to the Court of Appeal for reconsideration by a different judicial body. This Court ruled to extradite him to the Danish authorities.
Dubai Public Prosecution submitted to the Court of Appeal all papers and documents submitted by the Danish authorities against Sanjay Shah, which showed his involvement in fraud and money laundering.
Dubai Police arrested the suspect earlier this year following an extradition request from Danish authorities. The arrest and ruling align with Dubai’s commitment to combat illegal financial activities, including money laundering. The UAE supports global efforts to counter money laundering and fraud, seeking to implement international standards and policies fully.
Who is Sanjay Shah?
The British hedge fund trader was arrested by Dubai police for dividend tax fraud worth $1.7 billion. Sanjay Shah, 52, is the alleged mastermind behind the scam known as 'cum-ex trading' and was wanted in Denmark for the past seven years.
Shah’s fraud scheme 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,’ the Dubai Police earlier said in a statement.
The alleged scam, which ran for three years since 2012, has been described as one of the largest fraud cases in Denmark’s history.
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