Dubai upholds extradition of financier accused of fraud
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Hey there, time traveller!
This article was published 03/04/2023 (1275 days ago), so information in it may no longer be current.
DUBAI, United Arab Emirates (AP) — A court in Dubai on Monday rejected the appeal of a British financier fighting extradition to Denmark, where he is accused of orchestrating a $1.7 billion tax fraud.
Hedge fund trader Sanjay Shah 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. He was arrested in Dubai, in the United Arab Emirates, last year.
The Dubai media office said the Court of Cassation upheld a ruling late last year that granted Denmark’s request for extradition. The lower court had said documents implicated him in fraud and money laundering. It was not immediately clear when he would be extradited.
In a separate ruling in September, Shah was ordered to pay $1.25 billion to Denmark’s tax authority as part of a civil case in Dubai. His lawyers are also appealing that ruling.
Shah’s lawyers could not immediately be reached for comment. His legal team had expressed disappointment in the earlier ruling that was upheld on Monday.
The 52-year-old financier has maintained his innocence in interviews with journalists but never appeared in Denmark to answer accusations. His defense has argued in closed-door hearings that Denmark did not follow the procedures laid out in international extradition treaties.
Shah’s lifestyle on Dubai’s luxurious palm-shaped island over the past few years had sparked outrage in Denmark. After Danish authorities signed an extradition agreement with the UAE, Dubai police arrested Shah in June. Shah is one of several suspects sought over the tax scheme.
During his time in Dubai, the hedge fund manager ran a center for autistic children that shut down in 2020 as Denmark sought his extradition. He also oversaw a British-based charity, Autism Rocks, which raised funds through concerts and performances.