British multi-millionaire suspected of masterminding £1.5BILLION tax fraud scheme will NOT be extradited to Denmark, Dubai court rules

• The decision grants the hedge fund trader, Sanjay Shah, 52, a victory against Danish authorities
•  Monday’s court ruling can be appealed by prosecutors
• His arrest comes as pressure grows on Dubai over its alleged weaknesses in combating illicit finance 

A British man suspected of masterminding a £1.5 billion tax scheme cannot be extradited to Denmark to face charges, an Emirati court has ruled.

The decision in the high-profile case grants the hedge fund trader, Sanjay Shah, a victory against Danish authorities, who sought him for his role in one of the country’s largest fraud cases.

Monday’s court ruling, which judges delivered without explanation, can be appealed by prosecutors.

 Monday’s court ruling for Sanjay Shah, 52,  can be appealed by prosecutors

The elaborate scheme, which ran for three years from 2012, involved foreign businesses pretending to own shares in Danish companies and claiming tax refunds they were not eligible for.

“Of course we will try to get him (out) on bail now immediately,” Shah’s lawyer, Ali al-Zarooni, told the Associated Press.

Prosecutors in Copenhagen did not immediately respond to request for comment.

The 52-year-old financier has maintained his innocence in past interviews with journalists but never appeared in Denmark to answer accusations.

The decision in the high-profile case grants the hedge fund trader, Sanjay Shah, a victory against Danish authorities 

Mr Al-Zarooni had contested the extradition, arguing in past closed-door hearings that Denmark had “breached” the rules of international extradition treaties in unspecified ways.

Shah’s lifestyle on Dubai’s luxurious palm-shaped island over the past few years has sparked outrage in Denmark.

After the countries signed an extradition treaty, Dubai police arrested Shah in June.

During his time in Dubai, the hedge fund manager ran a centre for autistic children that shut down in 2020 as Denmark tried to extradite him.

 Shah’s lifestyle on Dubai’s luxurious palm-shaped island over the past few years has sparked outrage in Denmark

He also oversaw a British-based charity, Autism Rocks, which raised funds through concerts and performances.

His arrest comes as pressure grows on Dubai, the region’s financial hub, over its alleged weaknesses in combating illicit finance.

The UAE, a federation of seven emirates, has long invited the wealthy, including disgraced public figures, to invest in the country without questioning where they made their money.

In recent months, however, the UAE has arrested several suspects wanted for major crimes, including two of the Gupta brothers from South Africa, accused of facilitating vast public corruption and draining state resources with former president Jacob Zuma.

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