The Dubai Police announced arrest of Dubai-based British businessman Sanjay Shah who is identified as the main suspect in the biggest Danish Dividend Tax Fraud and Money Laundry Cases worth DKK 12 billion ($1.7 billion). The arrest aims the subsequent extradition of Shah for prosecution in Denmark.
Shah was wanted by Danish authorities for being involved in a scheme in which foreign businesses pretended to own shares in Danish companies and claim tax refunds for which they were not eligible.
The arrest was made following a close cooperation between Danish and Emirati authorities in line with the recently signed bilateral extradition treaty in March 2022. The treaty establishes a foundation for extraditing individuals suspected of committing crimes on Danish soil to Denmark for prosecution.
Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, reaffirmed that Dubai Police “has always been keen on maintaining strong, active, and vital communication channels with the world’s police and justice agencies to tackle transnational organised crime including financial crimes and fraud.”
Lt. Gen. Al Marri also praised the the General Department of Criminal Investigations, who located, tracked, and arrested the suspect in coordination with the Dubai Public Prosecution.
Through the exchange of information with the Danish authorities, a task force of elite officers and members from the Wanted Persons Department and the Anti-Money Laundering Department was formed to investigate the suspect’s movements and whereabouts, explained Expert Major General Khalil Ibrahim Al Mansouri, Assistant Commander-in-Chief for Criminal Investigation Affairs.
Brigadier Jamal Al Jallaf, director of the General Department of Criminal Investigations said praised the Dubai Police raid officers who carried out the arrest with extreme precision and professionalism. The international arrest warrant was received from the Danish authorities via the Ministry of Justice represented by the Department of International Cooperation and the Public Prosecution in Dubai.
“The fraud scheme, known as ‘cum-ex’ trading, involved submitting more thousands of applications to the Danish Treasury on behalf of investors and companies from several countries around the world in order to receive dividend tax refunds,” he stated.
After presenting Shah before the Public Prosecution in Dubai and taking legal actions to obtain his extradition warrant per the international laws, he will be handed over to the Danish authorities.
Screenshot of Shah’s interview with Bloomberg where he insisted that what his company did was ‘legitimate.’
In a documentary presented by a German television network in 2021, Shah can be noted saying that “it’s legal until they make it illegal.” Shah was known in the past as unemployed London trader turned $700 million whale.
