World News | Dubai Arrests British Man over USD 1.7B Denmark Tax Fraud Case

Dubai, Jun 3 (AP) Dubai police said Friday they arrested and planned to extradite a British man wanted in Denmark over a USD 1.7 billion tax fraud case.

Dubai police identified the man as Sanjay Shah and said his arrest came after Denmark signed an agreement in March allowing for extradition between the United Arab Emirates and Denmark.

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Shah has maintained his innocence while living in Dubai over the last few years. It wasn't immediately clear if Shah, 52, had a local lawyer in the Emirates. A court date did not appear to have been immediately set in Dubai, the commercial capital of the seven-sheikhdom federation of the UAE.

In a statement, Dubai police Brig. Gen. Jamal Al Jallaf said the emirate received an international arrest warrant from Denmark for Shah. Al Jallaf said Shah was accused of a fraud that saw foreign businesses pretended to own shares in Danish companies and claim tax refunds for which they were not eligible.

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“The fraud scheme, known as cum-ex' trading, involved submitting 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,” Al Jallaf said. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)