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.
