Business
Dubai court orders hedge fund trader Sanjay Shah to pay $1.25bn to Danish authorities

Dubai, May 26
A Dubai court has ordered Indian-origin hedge fund trader Sanjay Shah, convicted of tax fraud and money laundering, to pay Denmark's tax authority 4.6 billion dirhams ($1.25bn), thus rejecting a final appeal by him against a civil lawsuit, media reports said.
The Dubai Court of Cassation issued a binding ruling this month, saying Shah must pay the amount as part of a civil case that was filed by Denmark's tax authority (Skat) five years ago, The National reported.
Shah also has to pay to the Danish authorities an additional 5 per cent interest on the sum, accrued from the date the case was lodged in August 2018, the court said.
"The process of execution in terms of how this money will be paid back to Skat, has already been initiated," said OGH Legal, the Dubai firm acting on behalf of the Danish tax agency.
"This conclusive ruling after a nearly five-year pursuit of justice underscores the serious and uncompromising stance of the UAE authorities against financial misconduct," The National quoted OGH Legal as saying.
Shah, 52, who lived on The Palm Jumeirah, was arrested by Dubai Police in June last year following Denmark's extradition petition. His fraud scheme involved submitting thousands of applications to the Danish Treasury on behalf of investors and companies from several countries around the world in order to receive dividend tax refunds, according to Dubai Police.
The scheme involved 126 fake companies.
In April this year, the Court of Cassation ruled that Shah would be extradited to Denmark for prosecution over the tax fraud allegations. A UAE official said last month that the process of extraditing Shah was set to begin.

3 hours ago
Celebrating Asian Heritage Month: Bharatanatyam Finds a Place on the Canadian Cultural Stage.

3 hours ago
ALSAC announces Ike Anand as President and Chief Executive Officer, ushering in a new era of innovation and growth

7 hours ago
Ramaswamy targets 'radical' Mamdani, 'invites' NYC people to move Ohio

7 hours ago
'Fueling Putin's war machine': US Senators say penalise India, China, Brazil with 500% tarriff to deter trade with Russia

7 hours ago
Trump's Ultimatum: Russia must make peace with Ukraine in 50 days or face 100% tariff

10 hours ago
Nimisha Priya case: Last-minute negotiations bring big relief to Kerala nurse in Yemen, execution deferred

10 hours ago
Punjab Assembly pays tributes to Fauja Singh

10 hours ago
Makers of Sai Pallavi's 'Gargi' celebrate as film completes three years of its release

10 hours ago
Tillotama Shome to star in Shweta Tripathi’s maiden production 'Mujhe Jaan Na Kaho Meri Jaan'

10 hours ago
Jessica Alba focused on herself, kids and not interested in a relationship right now

10 hours ago
'Heer Express' trailer promises a complete family drama with a tadka of emotions

10 hours ago
Randeep Hooda on 25 years ‘Operation Khukri’: Proud moment for all us Indians

10 hours ago
Viineet Kumar Siingh, Rajshri Deshpande-starrer ‘Rangeen’ to stream from July 25