Dubai Police on Friday arrested hedge fund trader Sanjay Shah in the emirate on an international arrest warrant from authorities in Denmark.
Skat, Denmark's tax authority, alleges that Mr Shah, a British citizen, was a central player in a scheme in which foreign businesses pretended to own shares in Danish companies and claim tax refunds for which they were not eligible.
In January, Mr Shah, 52, denied the charges and said he was operating within Danish law.
Dubai Police said the arrest came after the signing of an agreement in March allowing for extradition between the UAE and Denmark.
Maj Gen Khalil Al Mansouri, assistant commander-in-chief for Criminal Investigation Affairs, said a Dubai Police task force, with the help of information from Danish authorities, gathered evidence and tracked Mr Shah's movements and whereabouts.
Brig Jamal Al Jallaf, director of the General Department of Criminal Investigations, said Mr Shah, along with others, is facing charges of dividend-tax fraud and money laundering.
“The fraud scheme, known as 'cum-ex' trading, involved submitting thousands of applications to the Danish Treasury on behalf of investors and companies from several countries around the world in order to receive dividend tax refunds,” he said.
Brig Al Jallah said Mr Shah will be handed over to Danish authorities after his extradition case has been heard by Dubai Public Prosecution.
Denmark's Justice Minister Mattias Tesfaye said the arrest underlined the importance of the extradition agreement with the UAE.
"The Danish Treasury has been cheated for a staggering amount and of course it should not be possible for suspected perpetrators to hide in the Middle East and thus avoid being held accountable in a Danish courtroom," he said.
"Now I am awaiting the legal process in the UAE and crossing my fingers that it will end up that we can get Sanjay Shah on a plane to Denmark, so he can be prosecuted in this country. "
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
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Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
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Michael J Mazarr
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- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
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Chelsea 0
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Red card: Andreas Christensen (Chelsea)
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The biog
Born: Kuwait in 1986
Family: She is the youngest of seven siblings
Time in the UAE: 10 years
Hobbies: audiobooks and fitness: she works out every day, enjoying kickboxing and basketball
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Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
Killing of Qassem Suleimani
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