Dubai Police received red alert about Shah, he will be handed over to Danish authorities
Dubai: Dubai Police arrested Sanjay Shah, the main suspect in the biggest tax fraud and money laundering case in Denmark.
According to Dubai Police, British national Shah was arrested in Dubai over $1.7 billion (Dh6.2 billion) of tax fraud and money laundering cases in Denmark.
Dubai Police received a red warrant to arrest Shah. He will be extradited to Danish authorities.
The arrest follows close cooperation between the UAE and Denmark under a bilateral extradition treaty signed in March 2022. Shah was charged with defrauding Danish tax authorities of multi-billion dollars through the ‘cum-ex’ trading schemes.
“Sanjay Shah was placed under intensive monitoring after the force determined his location, in coordination with Dubai Public Prosecution,” said Lt Gen. Al Marri. He praised the efforts of Dubai Police officers in arresting of Shah.
According to Dubai Police, the international arrest warrant was received from Danish authorities through the Ministry of Justice, represented by the Department of International Cooperation and Dubai’s Public Prosecution. Shah was the main suspect in a tax fraud case in Denmark worth 12 billion Danish krone ($1.7 billion).
Shah established multiple shell companies to claim tax refunds. A global network of bankers, lawyers and agents illegally sought refunds on dividend taxes they never paid, on stocks they never owned. Danish authorities said Shah was the mastermind of the scam.
He added that Sanjay Shah would be handed over to Danish authorities after presenting him before Public Prosecution in Dubai and following necessary legal procedures to obtain his extradition warrant under international laws in this regard.
Who is Sanjay Shah?
Sanjay Shah lost his job during the financial crisis more than a decade ago. He was one of thousands of mid-level traders who suddenly went out of work. However, Shah didn’t take long to get into gaming the legal and financial systems, setting up his own funds and targeting gaps in the dividend-tax laws. In 2020, Danish authorities froze many of Shah’s assets, including a £15 million (Dh69.18 million) home near Hyde Park in London. British national Shah had moved to Dubai in 2009.
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