UAE confirms Sanjay Shah's extradition to Denmark on $1.7bn tax fraud charges

British hedge fund trader, who once lived on the Palm Jumeirah, has been handed over to Danish authorities, UAE says

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British hedge fund trader Sanjay Shah has been extradited from the UAE to Denmark to face trial over an alleged $1.7 billion tax fraud, authorities confirmed on Wednesday.

Mr Shah, who lived on The Palm Jumeirah, is accused of being the central player in a scheme in which foreign businesses pretended to own shares in Danish companies and claimed tax refunds for which they were not eligible.

He has previously denied the charges and said he was operating within Danish law.

“Today, the Emirati authorities handed over the accused, Sanjay Shah, a British national, who is wanted by the judicial authorities in Denmark in a case of tax fraud and money laundering,” said a statement carried by state news agency Wam.

“The handover of Sanjay Shah to the security mission from the Danish side was in accordance with legal procedures and based on the decision of the Court of Cassation in Dubai, and the decision of His Excellency the Minister of Justice approving his extradition, and in accordance with the bilateral agreement in force between the two parties regarding the extradition of criminals.”

The UAE said in April that the process of extraditing Mr Shah was under way.

The two countries signed an extradition treaty in March last year and the official said this was “fully ratified and enshrined” in UAE law.

“We note the decision by the Dubai Court of Cassation to reject the appeal of Sanjay Shah, a British national wanted by Danish authorities,” a UAE official said at the time.

“The extradition process will now begin.”

An international warrant for Mr Shah's arrest was received by Dubai Police on January 7 and he was arrested five months later in the emirate's Al Rafaa district.

In September, judges in Dubai presiding over a civil lawsuit filed by the Danish government ruled that Mr Shah must repay $1.25 billion to the Danish state.

The UAE said it was committed to combating all forms of organised crime.

"The security, judicial, financial, and law enforcement authorities in the UAE are steadfastly working towards undermining organised crime in all its forms, within the framework of international cooperation with partners," the Wam statement continued.

"The relevant entities in the UAE are resolute in following international standards to combat money laundering and the financing of terrorism."

Updated: December 06, 2023, 8:41 AM