The Dubai Court of Appeal has ruled to extradite British hedge-fund trader Sanjay Shah to Denmark on alleged fraud and money laundering crimes, overturning an earlier decision.
(Bloomberg) —
The Dubai Court of Appeal has ruled to extradite British hedge-fund trader Sanjay Shah to Denmark on alleged fraud and money laundering crimes, overturning an earlier decision.
Danish prosecutors have alleged that Shah was the mastermind behind a $1.9 billion scam involving a global network of bankers, lawyers and agents who illegally sought refunds on dividend taxes they never paid, on stocks they never owned. Shah has consistently maintained his innocence. The other parties in the case include Shah’s wife, Usha, and his firm Solo Capital Partners Ltd.
The Dubai court ruling comes after Attorney General of Dubai Essam Issa Al Humaidan submitted an appeal to the Dubai Court of Cassation against the previous ruling by the appeal court which had ruled against his extradition. The case was then transferred to the appeal court again for reconsideration under a different judicial body.
Denmark and the United Arab Emirates signed an extradition deal in March, with Shah’s handover being one of the main purposes. Shah was arrested in Dubai in June, at the request of Danish authorities.
(Adds details throughout)
More stories like this are available on bloomberg.com
©2022 Bloomberg L.P.
