Dubai Court Rejects Danish Extradition Request, For Financier

An Emirati courtroom dominated on Monday {that a} British man suspected of masterminding a USD 1.7 billion tax scheme can’t be extradited to Denmark to face costs. The choice within the high-profile case grants the hedge fund dealer, Sanjay Shah, a victory towards Danish authorities who sought him for his position in one of many nation’s largest-ever fraud instances. Monday’s courtroom ruling, delivered after a closed-door listening to and with out rationalization, may be appealed by prosecutors.

The frilly scheme, which ran for 3 years starting in 2012, allegedly concerned overseas companies pretending to personal shares in Danish corporations and claiming tax refunds for which they weren’t eligible. “In fact we’ll attempt to get him (out) on bail now instantly,” Shah’s lawyer, Ali al-Zarooni, informed The Related Press at courtroom. The 52-year-old financier has maintained his innocence in previous interviews with journalists however by no means appeared in Denmark to reply allegations.

Al-Zarooni had contested the extradition, arguing that Denmark had “breached” the principles of worldwide extradition treaties in unspecified methods. Shah’s way of life on Dubai’s luxurious palm-shaped island over the previous few years had sparked outrage in Denmark. After the nations signed an extradition treaty, Dubai police arrested Shah in June. Throughout his time in Dubai, the hedge fund supervisor ran a middle for autistic kids that shut down in 2020 as Denmark tried to extradite him.

He additionally oversaw a British-based charity, Autism Rocks, which raised funds via live shows and performances. His arrest comes as stress grows on Dubai, the area’s monetary hub, over its alleged weaknesses in combating illicit finance. The UAE, a federation of seven sheikhdoms, has lengthy invited the rich, together with disgraced public figures, to put money into the nation with out questioning the place they made their cash. In current months, nonetheless, the UAE has arrested a number of suspects needed for main crimes, together with two of the Gupta brothers from South Africa, accused of facilitating huge public corruption and draining state assets with former President Jacob Zuma.

(PTI)