UK trader Sanjay Shah extradited by UAE to Denmark

The UAE sent British trader Sanjay Shah to Denmark because of charges of tax fraud worth £1. 46bn, according to his lawyers.

Mr Shah, who lives in Dubai, is being accused of being involved in dishonest trading of company shares.

Last year, Dubai police arrested him because of the Danish investigation into a hedge fund called Solo Capital that he started.

Mr Shah says he didn’t do anything wrong and believes the trades were allowed by the law.

Denmark got hit hard by something called “cum-ex” schemes, and they were also a problem in Germany and Belgium. The scam was about quickly selling shares between people to make it hard to know who actually owned the shares when a dividend was paid.

The tax on the dividends was taken back by several people, even though it was only paid once.

Denmark claims that Mr. Shah’s company, Solo Capital, scammed companies and investors from 2012 to 2015. Mr Shah is the main person who is being investigated for cheating on his taxes in Denmark.

The Danish authorities want to get back about 12. 7 billion crowns, which is almost half a percent of the country’s total money made.

He was fired from his job as a trader when the financial crisis happened in 2008. After starting Solo Capital, he lived a fancy life in Dubai, including living on the special Palm Jumeirah island. Singers who performed for a charity for people with autism that he started included Elton John and Drake.

He purchased two boats and called them the Solo and Solo II.

But since 2020, Danish authorities have been following him persistently. Shah’s money, including a £15 million property in central London, has been blocked and cannot be used.

Last month, Mr. Shah tried to stop Denmark from taking him to court in the UK, but he lost the case in the UK Supreme Court.

In November, a British man named Guenther Klar, who used to work for Mr. Shah’s Solo Capital from 2010 to 2012, went to trial in Denmark for cum-ex fraud. This was the first trial of its kind in the country.

Mr Klar, who was sent back from Belgium, is accused of cheating the government out of about 320 million Danish crowns (£37 million). He says he didn’t do anything wrong.