Digital Assets Report

Newsletter

Like this article?

Sign up to our free newsletter

Hedge fund trader Shah to remain behind bars in Denmark ahead of trial

Related Topics

Sanjay Shah, the British hedge fund trader extradited from Dubai to Denmark this week to face criminal charges related to so-called “cum-ex” trading schemes, will remain behind bars ahead of his trial next month, according to a report by Bloomberg.

The report cites a Copenhagen judge as confirming that Shah has been remanded in custody for four weeks.

Danish prosecutors allege that Shah, who denies any wrongdoing, was the mastermind behind a massive tax fraud that cost the Danish state more than DKR12.7bn crowns ($1.84bn) and saw a global network of bankers, lawyers and agents earn vast sums of by using a loophole on dividend payouts to reap duplicate tax refunds.

The fraud allegedly took place between 2012 and 2015, and Shah, who faces a maximum prison term of 12 years if found guilty, received at least 80% of the money, according to the prosecutors.

Like this article? Sign up to our free newsletter

Most Popular

Further Reading

Featured