DUBAI: The UAE today extradited a British hedge fund trader accused of massive fraud and money laundering to Denmark to face charges, the official WAM news agency reported.
Sanjay Shah, who was arrested in Dubai in June 2022, is wanted over an alleged €1.7 billion scam to help companies fraudulently claim Danish tax refunds.
“The extradition confirms the UAE’s determination to collaborate with international partners in the pursuit of international justice, and to strengthen the integrity of the international financial system,” WAM said.
In May, a Dubai court ordered Shah to pay Denmark’s tax authority nearly US$1.3 billion as well as 5% interest accrued from when the case was first lodged in August 2018.
Shah was accused of running a scheme for three years starting in 2012 in which foreign firms pretended to own shares in Danish companies and claimed refunds.
Shah has said he is not guilty and claims he did not violate Danish law, according to media in the UAE.
He was extradited under a treaty signed between the UAE and Denmark in March 2022.