Denmark's prosecutor seeks maximum 12-year prison sentence for tax fraud suspect Sanjay Shah

FILE PHOTO: Sanjay Shah arrives at Kastrup Airport, Denmark December 6, 2023. Sanjay Shah is accused in a major case of dividend tax fraud. In April, the Supreme Court in Dubai decided that Sanjay Shah could be extradited to Denmark. Ritzau Scanpix/Mads Claus Rasmussen via REUTERS/File Photo

Source: REUTERS

By Isabelle Yr Carlsson

A Danish prosecutor on Friday asked a court to find British hedge fund trader Sanjay Shah guilty of defrauding Denmark of over 9 billion Danish crowns ($1.35 billion) and to sentence him to a maximum of 12 years in prison.

Shah, 54, stands accused of being the mastermind behind fraudulently securing dividend tax refunds from the Danish treasury via trading schemes, known as "cum-ex", between 2012 and 2015.

Shah denies any wrongdoing, while prosecutors say he fraudulently obtained refunds from the treasury via schemes that flourished following the 2008 financial crisis.

The prosecutor on Friday asked for the maximum prison sentence for Shah as well as the seizure of assets worth 7.2 billion Danish crowns ($1.08 billion).

The trial, which began in March, is being closely watched by tax authorities around the world. The court expects to deliver a verdict in December.

Shah was arrested in 2022 in Dubai and in December last year was extradited to Denmark, where he is being held in custody.

This article was produced by Reuters news agency. It has not been edited by Global South World.

By Reuters