British trader Sanjay Shah extradited from the UAE to Denmark

British trader Sanjay Shah, who resides in Dubai, has been extradited to Denmark by the United Arab Emirates (UAE) over tax fraud charges amounting to £1.46 billion. Shah is alleged to have engaged in fraudulent share trading schemes and was apprehended by Dubai police following an investigation into Solo Capital, a hedge fund he founded. Shah vehemently denies the accusations, asserting that the trades were lawful. Denmark has been severely impacted by "cum-ex" schemes, similar to those in Germany and Belgium, in which shares were rapidly exchanged between investors to create confusion and reclaim taxes on dividends multiple times. The country alleges that Shah's Solo Capital orchestrated fraudulent schemes for corporations and investors from 2012 to 2015, making him the primary suspect in the tax fraud case. Danish authorities aim to recover around £1.46 billion, which accounts for nearly 0.5% of the nation's GDP. Shah, who had faced financial hardship during the 2008 financial crisis, subsequently enjoyed an opulent lifestyle in Dubai, including residing on Palm Jumeirah island and organizing charity events with renowned musicians. His assets, including a £15 million property in central London, have been frozen. In a separate case, Shah recently lost his attempt at the UK Supreme Court to prevent Danish authorities from pursuing legal action against him in British courts. Furthermore, another British national, Guenther Klar, who had worked for Shah's Solo Capital, is currently standing trial in Denmark for cum-ex fraud, following extradition from Belgium. Klar is charged with defrauding the Danish government of approximately £37 million and denies any wrongdoing.