A court docket in Dubai has rejected the attraction of a British financier combating extradition to Denmark, the place he’s accused of orchestrating a $1.7 billion tax fraud
DUBAI, United Arab Emirates — A court docket in Dubai on Monday rejected the attraction of a British financier combating extradition to Denmark, the place he’s accused of orchestrating a $1.7 billion tax fraud.
Hedge fund dealer Sanjay Shah is accused of masterminding a scheme that ran from 2012 to 2015 wherein international companies pretended to personal shares in Danish firms and claimed tax refunds for which they weren’t eligible. He was arrested in Dubai, within the United Arab Emirates, final 12 months.
The Dubai media workplace stated the Court docket of Cassation upheld a ruling late final 12 months that granted Denmark’s request for extradition. The decrease court docket had stated paperwork implicated him in fraud and cash laundering. It was not instantly clear when he could be extradited.
In a separate ruling in September, Shah was ordered to pay $1.25 billion to Denmark’s tax authority as a part of a civil case in Dubai. His attorneys are additionally interesting that ruling.
Shah’s attorneys couldn’t instantly be reached for remark. His authorized crew had expressed disappointment within the earlier ruling that was upheld on Monday.
The 52-year-old financier has maintained his innocence in interviews with journalists however by no means appeared in Denmark to reply accusations. His protection has argued in closed-door hearings that Denmark didn’t comply with the procedures specified by worldwide extradition treaties.
Shah’s way of life on Dubai’s luxurious palm-shaped island over the previous few years had sparked outrage in Denmark. After Danish authorities signed an extradition settlement with the UAE, Dubai police arrested Shah in June. Shah is one in all a number of suspects sought over the tax scheme.
Throughout his time in Dubai, the hedge fund supervisor ran a middle for autistic kids that shut down in 2020 as Denmark sought his extradition. He additionally oversaw a British-based charity, Autism Rocks, which raised funds by way of live shows and performances.