Dubai court orders hedge fund trader Sanjay Shah to pay $1.25 billion to Danish authorities


Dubai: A Dubai court docket has ordered Indian-origin hedge fund dealer Sanjay Shah, convicted of tax fraud and cash laundering, to pay 4.6 billion dirhams ($1.25 billion) to the Danish tax authority, thus ending a civil lawsuit. His ultimate attraction in opposition to has been rejected. reviews stated.

The Dubai Court docket of Cassation issued a binding ruling this month, ordering Shah to pay the quantity as a part of a civil case filed by the Danish Tax Authority (Skat) 5 years in the past, The Nationwide reported. Will occur.

The court docket stated Shah must pay a further 5 per cent curiosity on the quantity to the Danish authorities, which accrued from the date of registration of the case in August 2018.

Dubai agency OGH Authorized, appearing on behalf of the Danish tax company, stated: “The process of execution of how this money will be returned to Skat has already been initiated.”

The Nationwide quoted OGH Authorized as saying, “After nearly a five-year search for justice, this conclusive decision underlines the UAE authorities’ serious and uncompromising stance against financial misconduct.”

Shah, 52, who lives in Palm Jumeirah, was arrested by Dubai Police in June final yr following an extradition request from Denmark. His fraud scheme concerned submitting 1000’s of functions to the Danish Treasury on behalf of traders and corporations from a number of international locations around the globe to be able to get hold of dividend tax refunds, in line with Dubai Police.

As many as 126 shell firms have been concerned within the scheme.

In April this yr, the Court docket of Cassation dominated that Shah can be extradited to Denmark to face trial on costs of tax fraud. A UAE official stated final month that the method of extraditing Shah was about to start.

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