British hedge fund boss accused of fraud loses extradition appeal

British hedge fund boss loses appeal in Dubai court against extradition to Denmark where he is accused of £1.4billion tax fraud

  • Hedge fund trader Sanjay Shah accused of enormous tax fraud over three years
  • Shah, 52, was arrested in Dubai last year and faces extradition to Denmark 
  • The financier has maintained his innocence in interviews with journalists

A British hedge fund boss has lost his appeal in a Dubai court after it was ruled that he would be extradited to Denmark, where is accused of orchestrating a £1.4billion tax fraud. 

Hedge fund trader Sanjay Shah, who has maintained his innocence in public interviews, is accused of masterminding a fraud scheme that ran from 2012 to 2015.

The 52-year-old financier was arrested in Dubai last June for orchestrating the scheme in which foreign businesses pretended to own shares in Danish companies and claimed tax refunds for which they were not eligible.

The Court of Appeal in Dubai initially rejected an extradition request by Denmark in September but later overturned that decision in December. This was upheld on Monday.

The lower court had said that there were documents which implicated him in fraud and money laundering, but a timeframe on when he will be extradited was not immediately given.

British hedge fund trader Sanjay Shah (pictured) has lost his appeal in a Dubai court after it was ruled that he would be extradited to Denmark, where is accused of orchestrating a £1.4billion tax fraud

In a separate ruling in September, Shah was ordered to pay £1bn to Denmark’s tax authority as part of a civil case in Dubai. His lawyers are also appealing against that ruling.

Shah’s lawyers could not immediately be reached for comment, although they have previously expressed disappointment in the extradition ruling.

At the time of his extradition being authorised, Horizons & Co, the firm representing Shah, noted that the Court of Cassation’s judgment ‘will be final’. 

Although the hedge fund boss continues to claim he did not violate Danish law, he has never appeared in Denmark to answer accusations.

His legal team argued in closed-door hearings that the Scandinavian country did not follow procedures laid out in international extradition treaties.

After Danish authorities signed an extradition agreement with the UAE, Dubai police arrested Shah last year. He is one of several suspects sought over the tax scheme.

Shah was arrested in Dubai in June and a Dubai court authorised his extradition to Denmark in December. This was upheld on Monday

During his time in Dubai, the hedge fund manager ran a centre for autistic children that shut down in 2020 as Denmark sought his extradition.

He also oversaw a British-based charity, Autism Rocks, which raised funds through concerts and performances.

The trader previously had had his £14.7million Hyde Park mansion seized by Denmark after being accused of the fraud. 

Danish ministers have previously declared their intentions in ‘brining Sanjay Shah to justice’, having targeted him since 2015. 

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