Tax scam in UAE: British Indian-origin Sanjay Shah to pay $1.25 million to Denmark in a tax fraud case.
A Dubai court has directed British Indian-origin Sanjay Shah to pay $1.25 million to Denmark in a tax fraud case. This amount has been directed to be deposited in the tax department of Copenhagen. Shah was the main accused in the fraud case.
Abhilasha 
Shah was the main accused in a $1.7 billion tax fraud case in Denmark. Earlier on Monday, the court had rejected his extradition plea.
The Court of Appeal of Dubai has pronounced the judgment against Sanjay Shah on Friday. Denmark filed the case in court about four years ago. During the years 2012 to 2015, Shah had cheated foreign investors regarding tax. When this matter came to light, he moved to Dubai in 2018 and has been living here since then. He had pleaded innocent during the trial. Earlier, a UAE court on Monday rejected the extradition plea of British national Sanjay Shah (52), mastermind of the $1.7 billion tax scam. Denmark had demanded the extradition of Sanjay. Hedge fund trader Sanjay has been in jail in Dubai since June. Hedge fund trading is a type of private partnership.
In the case of Sanjay, accused of carrying out the scam, one of the biggest scams in Denmark, the court ruled in-camera and did not even present the detailed details. The prosecution can file an appeal in this case. This game of tax fraud in Denmark started in the year 2012 and continued for three years. It is alleged that Sanjay claimed to be a shareholder in Danish companies while conducting business abroad. On the basis of this, he sought tax refund, which he was not eligible for. Sanjay has declared himself innocent.
However, Shah is still surrounded by controversies, due to which legal action is going on against him in many countries of Europe. Therefore, it is being speculated that they may be arrested in the coming time. Actually, Shah used legal loopholes in some countries and made money. Sanjay Shah took advantage of single-stock dividend tax refunds several times. Denmark's administration has frozen nearly 3.5 billion Danish kroner assets, including his $2 million home in London. The Danish government is trying to handle $2 billion. The Danish government has alleged that his company, Solo Capital Partners LLP, helped investors get a dividend tax refund even after selling shares.
