Dubai: Dubai police arrested Sanjay Shah, a British national in tax fraud, money laundering cases. He was wanted by the authorities in Denmark for last 7 years. He was arrested after receiving an international arrest warrant from Danish authorities. He will be extradited after due legal process. UAE in 2022 had signed a bilateral extradition treaty with Denmark.
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As per Dubai police, Shah is the mastermind behind a dividend tax fraud worth $1.7 billion. The scam known as ‘cum-ex’ run for three years since 2012. He submitted 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. It is considered as the largest fraud cases in Denmark’s history.
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