Sanjay Shah receives 12-year sentence for masterminding scheme that led to billions in refunds of non-existent tax payments
A British hedge fund trader at the heart of Europe’s sprawling “cum-ex” dividend scandal has been sentenced to 12 years in prison by a Danish court for defrauding the Nordic country of DKr9bn . Sanjay Shah, who was extradited from Dubai last year, was the mastermind behind a system that led to the refunding of billions of euros of dividend taxes that had never been paid, the Danish judges found. The court also ordered the confiscation of DKr7.
The 12-year sentence against Shah for fraud is the largest ever imposed in Denmark for an economic crime. In an interview broadcast shortly after his sentencing, Shah told Danish television station TV2 that he was “a greedy bastard” and that siphoning the money out of the Danish treasury had been like “playing Space Invaders”, where he wanted to beat his previous top score.
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