Sanjay Shah poses for a photograph on the Palm Jumeriah Island in Dubai, United Arab Emirates, in 2020. Shah was arrested in Dubai for allegedly masterminding a $1.7 billion tax scheme in Denmark. File photo: Christopher Pike/AP/Ritzau Scanpix
Hedge fund trader Sanjay Shah was arrested in June by Dubai police Denmark’s request.
He is accused of running a scheme for three years from 2012 in which foreign firms pretended to own shares in Danish companies and claimed tax refunds.
“I can confirm that the request was denied on the grounds of insufficient information from Denmark,” Kare Pihlmann, lawyer for the 52-year-old British financier, told AFP.
Danish Justice Minister Mattias Tesfaye has said that Copenhagen intends to appeal the decision by a court in Dubai, if the legal basis is sufficient to do so.
Shah has said he is not guilty and claims he did not violate Danish law, according to Emirati media.
Police in the Gulf emirate said in June that Shah was arrested “with the aim of subsequent extradition for prosecution in Denmark.”
They said the arrest was carried out in close cooperation with Emirati authorities and under a bilateral extradition treaty signed in March 2022.