Danish court sentences British hedge fund trader to 12 years over massive tax fraud
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Hey there, time traveller!
This article was published 13/12/2024 (358 days ago), so information in it may no longer be current.
A Danish court has sentenced a British hedge fund trader to 12 years in prison in connection with what authorities say was a 9 billion kroner ($1.3 billion) tax fraud, Danish justice officials confirmed.
Sanjay Shah was extradited from Dubai last year to face trial on charges he masterminded a tax scheme in which complex trades were used to fraudulently obtain tax refunds from the Danish government.
At the time of his extradition the Danish taxation minister described the case as “one of the biggest criminal fraud cases in Danish history.”
Shah has argued that he exploited a legal loophole and his lawyers have said he will appeal the sentence handed down Thursday.
Shah was convicted in May 2023 in Dubai of running the scheme from 2012 to 2015 in which foreign businesses pretended to own shares in some of Denmark’s largest companies, including pharmaceutical giant Novo Nordisk, shipping company A.P. Moeller, windmill maker Vestas and the Carlsberg brewery. Danish broadcaster DR said the sentence was the country’s longest ever for a financial crime.
Shah’s extradition came after eight years of investigation and extradition requests by Denmark. He remains in custody.