Dubai police detain Danish fraudster in $1.7bn tax scheme

Dubai police have arrested and plan to repatriate a Britisher wanted in Denmark for fraud of around a $1.7bn tax scheme, one of the largest-ever fraud cases.

Dubai police have arrested and plan to repatriate a Britisher wanted in Denmark for fraud of around a $1.7bn tax scheme, one of the largest-ever fraud cases.

The detention of Sanjay Shah, aged 52, a hedge fund trader, came after Danish officials signed a pact in March enabling extradition between the Denmark and UAE.

Advertisement

Dubai Police has confirmed his arrest through a tweet on Friday, 3 June, in which it stated that the goal was to extradite Shah for prosecution in Denmark.

Dubai police Brigadier General Jamal al-Jallaf said in a statement that the emirate got an international arrest warrant from Denmark for Shah, who is charged with a fraud of witnessing foreign businesses pretend to hold shares in Danish companies and claiming tax refunds for which they were not entitled.

Al-Jallaf said, “The fraud scheme, also known as ‘cum-ex’ trading, consisted submitting several of applications to the Danish Treasury on behalf of companies and investors from many nations around the world in order to get dividend tax refunds.”

The officials of Denmark said the scheme ran for some three years starting in 2012.

Shah has always been always been pretending to be innocent in interviews with journalists while residing in Dubai in the past few years but has never appeared in his home country, Denmark, to answer the accusations. It was not clear yet if he had a local lawyer in the Emirates.

A court date has not been immediately set in Dubai, and prosecutors have also not responded to a request for comment on 3 June.

Advertisement

In a joint statement given by Denmark’s justice and foreign ministries commended Dubai’s arrest of Shah, who was described as a target of the country’s prosecutors since 2015.

Shah is one of many accused in the tax scheme sought by Danish authorities.

Tariq Saeed

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Read More

UAE’S utility increases after pulling off this year’s second-biggest IPO

Dubai Electricity and Water Authority jumped in its trading debut after collecting $6.1 billion in the world's second-largest initial public offering held this year.

Dubai’s firms in Private sector to offer an 80% service discount due to Emiratisation deadline

Firms in the private sector of Dubai offered up to 80 per cent of discounts as the Emiratisation deadline overlooks by the end of this year.

Dubai: People queued at 4 am to get signature Adidas x Ravi Restaurant shoes

People in Dubai are queuing up in the middle of the night outside The Dubai Mall's flagship Adidas store at 4m on Thursday, 23 June, to get the Adidas x Ravi Restaurant shoes as they were to go on sale at 10 am.

Recent

Tenants got evicted from villa community in Dubai for illicit pet trading

Several reports of animal abuse and illegal puppy sales in Damac Hills 2 in UAE have resulted in tenants being evicted as officials crack down on illicit pet traders.

Egypt: Minister of Culture, Nevine El Kilany inspects Al-Hanagar Centre Square Theatre before the event

Egypt: The Minister of Culture, Egypt Dr Nevine El Kilany, visited the theatre of the Al-Hanagar Center for the Arts, which will see the...

Gold Prices Dip in UAE Markets Amidst US Inflation Data Surge

This shift in gold prices comes in response to last week's release of stronger-than-expected US inflation data, which has had a profound impact on investor expectations and market dynamics
admin