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Sanjay Shah Ordered by Dubai Court to Repay $1.7B in a Tax Fraud Case

  • Publish date: Thursday، 18 May 2023
Sanjay Shah Ordered by Dubai Court to Repay $1.7B in a Tax Fraud Case

The highest court in Dubai mandated on Tuesday that a British hedge fund trader who had been found guilty of conspiring to commit a $1.7 billion tax fraud pay the entire amount to Denmark's tax office.

A lower court found financier Sanjay Shah guilty of directing a fraud that took place between 2012 and 2015. It allowed foreign corporations to make it appear that they possess shares in Danish companies in order to submit tax refund claims to which they were not entitled. Last year, he was arrested in Dubai. Shah and his attorneys declined to comment on the decision from Tuesday.

The Danish Customs and Tax Administration (DCTA)'s representative in Dubai, Al Omar & Al Sabah Advocates, and Legal Consultancy, allegedly stated that the verdict reaffirms the UAE judiciary's position against any financial violations. Additionally, it confirmed the fact that the payback procedure has already begun.

Shah and his associates were found guilty of defrauding the Danish tax authorities of money by the Dubai Appeals Court in September. Shah was ordered to pay the $1.7 billion after Shah's attorneys filed an appeal of that judgment with the Court of Cassation, which affirmed the initial ruling on Tuesday.