Authorities in the UAE have extradited British financier Sanjay Shah to Denmark, where he is wanted by the judicial authorities for cases of tax fraud and money laundering, the Emirates News Agency (WAM) reported on Wednesday.
The hedge fund trader is accused of masterminding a scheme that ran from 2012 to 2015 in which foreign businesses pretended to own shares in Danish companies and claimed tax refunds for which they were not eligible.
Sanjay Shah was arrested in Dubai last year and is one of several suspects who are being sought over the tax scam.
In a separate ruling in September 2022, Shah was ordered by Denmark’s tax authority to pay $1.25 billion as part of a civil case in Dubai.
Shah was extradited to Denmark’s security mission by the necessary legal procedures, which were based upon a decision by the Court of Cassation in Dubai and the resolution by the UAE Minister of Justice, who approved the extradition.
The decision is also in line with the applicable bilateral agreement between the two countries, signed in March 2022, about extraditing criminals, according to WAM.
“The security, judicial, financial, and law enforcement authorities in the UAE are steadfastly working towards undermining organized crime in all its forms, within the framework of international cooperation with partners,” the statement on WAM further said.
“The relevant entities in the UAE are resolute in following international standards to combat money laundering and the financing of terrorism. In this regard, these entities are implementing efficient systems, according to legal frameworks and procedures, that are consistent with the best international practices that serve justice in combatting money laundering, financing terrorism, and organized crime in a way that upholds the principles of justice,” the statement added.
