A British hedge fund dealer extradited from the United Arab Emirates to Denmark the place he was wished for allegedly orchestrating a greater than 9 billion kroner ($1.3 billion) tax fraud has been ordered to stay in custody till his Jan. 3 trial
ByThe Related Press
December 7, 2023, 9:26 AM
COPENHAGEN, Denmark — A British hedge fund dealer extradited from the United Arab Emirates to Denmark the place he was wished for allegedly orchestrating a greater than 9 billion kroner ($1.3 billion) tax fraud, was ordered Thursday to stay in pre-trial custody till Jan. 3.
Sanjay Shah was convicted in Could in Dubai of masterminding a scheme that ran from 2012 to 2015 during which international companies pretended to personal shares in a few of Denmark’s largest corporations, together with pharmaceutical big Novo Nordisk, transport firm A.P. Moeller, windmill maker Vestas and the Carlsberg brewery. He claimed tax refunds for which they weren’t eligible.
The Glostrup District Courtroom in suburban Copenhagen mentioned Shah ought to be remanded in custody as a result of he is a flight threat. His lawyer, Kåre Pihlmann, mentioned Shah has not determined whether or not to attraction.
Throughout Thursday’s court docket session, Shah, 53, refused to speak. He has mentioned he used a loophole in Danish regulation and has denied fraud. The case is taken into account one of many largest in Denmark.
A court docket within the United Arab Emirates had cleared Shah’s extradition, which got here after eight years of investigation and extradition requests by Denmark. Shah arrived Wednesday aboard a daily flight from Dubai, escorted by Danish police who formally arrested him as soon as in Denmark.