An Emirati court docket 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 prices.
The choice within the high-profile case grants the hedge fund dealer, Sanjay Shah, a victory in opposition to Danish authorities who sought him for his function in one of many nation’s largest-ever fraud instances. Monday’s court docket ruling, delivered after a closed-door listening to and with out clarification, may be appealed by prosecutors.
The flowery scheme, which ran for 3 years starting in 2012, allegedly concerned overseas companies pretending to personal shares in Danish firms and claiming tax refunds for which they weren’t eligible.
“After all we’ll attempt to get him (out) on bail now instantly,” Shah’s lawyer, Ali al-Zarooni, instructed The Related Press at court docket.
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 foundations of worldwide extradition treaties in unspecified methods.
Shah’s life-style on Dubai’s luxurious palm-shaped island over the previous few years had sparked outrage in Denmark. After the international locations 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 by means of 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 latest months, nevertheless, 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.