Shah, 54, has received one of the longest sentences for tax fraud in Danish history.
A British hedge funder trader has been sentenced to 12 years in prison in Denmark over a £1bn tax fraud. Sanjay Shah, 54, was behind a trading scheme known as 'cum-ex' that was found to have fraudulently secured 9bn Danish Krone in dividend tax refunds from the Danish treasury between 2012 and 2015. Shah, who appeared in court wearing a red Christmas hat, denied any wrongdoing, arguing he used a legal loophole and immediately appealed the guilty verdict to the Danish High Court.
Prosecutors said investors, directed by Shah's London-based hedge fund Solo Capital Partners, rapidly traded shares around dividend pay-out day, creating an illusion of numerous owners, each seemingly eligible for tax refunds on dividends. Shah said in court that the trades had allowed participants to claim ownership of shares, thus being entitled to tax refunds even if they did not own the shares and never paid any dividend tax in Denmark.
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