Robert Besser
16 Dec 2024, 16:52 GMT+10
COPENHAGEN, Denmark: A Danish court has sentenced British hedge fund trader Sanjay Shah to 12 years in prison for orchestrating a tax fraud scheme that authorities say cost Denmark 9 billion kroner (US$1.3 billion).
Danish justice officials confirmed the sentencing, which marks one of the longest sentences ever handed down for financial crimes in Denmark.
Shah, extradited from Dubai last year after an eight-year investigation, was accused of masterminding a scheme that involved complex trades to fraudulently claim tax refunds from the Danish government.
When he was extradited, Denmark's taxation minister described it as "one of the biggest criminal fraud cases in Danish history."
Shah, however, has maintained that he exploited a legal loophole, and his lawyers announced plans to appeal the sentence handed down on December 12.
The fraud carried out between 2012 and 2015, involved foreign businesses falsely claiming ownership of shares in major Danish companies, including Novo Nordisk, A.P. Moeller, Vestas, and Carlsberg. Danish broadcaster DR reported that Shah's 12-year sentence is the longest ever for financial crimes in the country.
Shah's extradition from Dubai followed years of investigation and legal efforts by Danish authorities. He remains in custody.
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