UAE extradites UK dealer Sanjay Shah to Denmark – BBC Information

6 December 2023, 09:47 GMTUpdated 29 mins agoImage supply, Getty ImagesImage caption, Danish government accuse Sanjay Shah of participation in “cum-ex” fraud schemesThe United Arab Emirates (UAE) has extradited British dealer Sanjay Shah to Denmark over tax fraud fees price £1.46bn, his attorneys say.Mr Shah, who lives in Dubai, is accused of taking part in fraudulent proportion buying and selling schemes. He used to be arrested by way of Dubai police final yr following the Danish investigation into Solo Capital, a hedge fund that he based.Mr Shah denies the costs and insists that the trades had been felony.Denmark is among the nations toughest hit by way of so-called “cum-ex” schemes, even if in addition they flourished in Germany and Belgium. The rip-off concerned swiftly promoting stocks between buyers with a purpose to create confusion over who owned the stocks on the time a dividend used to be paid out. Tax at the dividends used to be therefore reclaimed by way of a couple of events, even if it used to be most effective paid as soon as. Denmark says Mr Shah’s Solo Capital ran fraudulent schemes for corporations and buyers between 2012 and 2015. Mr Shah is the principle suspect within the Danish case of tax fraud. The cash Danish government are in the hunt for to recoup quantities to a couple 12.7bn crowns (£1.46bn; $1.84bn; €1.7bn) – just about 0.5% of the rustic’s complete GDP.”That is one in all our greatest and maximum severe circumstances of economic fraud,” Justice Minister Petter Hummelgaard mentioned.Prosecutors will ask for Mr Shah to be held in custody till the beginning of his trial, scheduled for January subsequent yr. After Mr Shah misplaced his task as a dealer all the way through the 2008 monetary disaster, he based Solo Capital and moved to the UAE. In Dubai, he led an extravagant way of life, together with residing at the unique Palm Jumeirah island. Musicians who performed for an autism charity he based integrated Elton John and Drake.He purchased two yachts, naming them the Solo and Solo II. However since 2020, he has been doggedly pursued by way of Danish government over the fraud fees. A lot of Mr Shah’s fortune, together with a £15m central London assets, has been frozen.Closing month, in a separate case, Mr Shah misplaced a bid in the United Kingdom Ideally suited Court docket to dam Denmark from pursuing him in English courts. Additionally in November, British nationwide Guenther Klar, who labored for Solo Capital between 2010 and 2012, went on trial in Denmark within the nation’s first court docket case over cum-ex fraud. Mr Klar, who used to be extradited from Belgium, is accused of defrauding the federal government of a few 320m Danish crowns (£37m). He denies wrongdoing.

Author: OpenAI