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DUBAI, Dec. 29 (AP) — A Dubai court on Thursday approved the extradition to Denmark of a British financier accused of orchestrating a $1.7 billion tax scheme.
Hedge fund trader Sanjay Shah is accused of orchestrating a scheme from 2012 to 2015 in which foreign businesses pretended to own shares in Danish companies and claimed they were ineligible for tax refunds.
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The Dubai government media office said the documents showed “his involvement in fraud and money laundering”. Shah was arrested in Dubai earlier this year at the request of Danish authorities.
Dubai’s attorney general appealed the ruling against his extradition in September.
In another ruling that month, Shah was ordered to pay $1.25 billion to Danish tax authorities as part of a civil case in Dubai.
His lawyers are appealing the verdict.
Shah’s lawyer, Ali Al Zarooni, said he was “disappointed” with the latest extradition ruling and would appeal to the Supreme Court of the United Arab Emirates, where Dubai is located. The defense team expects the court to issue a final ruling within the next two months, he said.
The 52-year-old financier has maintained his innocence in interviews with reporters but has never appeared in Denmark to respond to the allegations.
His defense argued in closed hearings that Denmark had failed to follow the procedures set out in international extradition treaties.
The Shah’s lifestyle on Dubai’s luxurious palm-shaped island has sparked outrage in Denmark over the past few years.
Dubai police arrested Shah in June after Danish authorities signed an extradition agreement with the UAE. Shah is one of several suspects wanted over the tax scheme.
While in Dubai, the hedge fund manager ran a center for autistic children, which closed in 2020 as Denmark sought his extradition.
He also manages Autism Rocks, a UK-based charity that raises money through concerts and performances.
His arrest comes as the region’s financial hub, Dubai, comes under increasing pressure over its alleged weaknesses in cracking down on illicit finance.
The UAE, a federation of seven emirates, has long invited the wealthy, including disreputable public figures, to invest in the country without asking where they made their money.
In recent months, however, the UAE has arrested several suspects wanted for major crimes, including two of the Gupta brothers from South Africa who are accused of assisting with former President Jacob Zuma. scale of public corruption and depletion of state resources.
An Emirati official also recently became the chairman of the international police agency Interpol. (Associated Press)
(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)
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