British Trader Sentenced to 12 Years in Denmark for £1bn Tax Fraud

Sanjay Shah, found guilty of orchestrating a massive cum-ex dividend tax scheme, faces the longest financial crime sentence in Danish history.

Sanjay Shah, a British hedge fund manager, was convicted of defrauding Denmark of over £1bn through a complex cum-ex trading scheme from 2012 to 2015.
The court ordered a 12-year prison sentence, the maximum for economic crimes in Denmark, and the confiscation of assets worth 7.2 billion DKK (£1bn).
Shah argued he exploited a legal loophole but was found to have played a central and controlling role in meticulously planning and executing the fraud.
The scheme involved fraudulent claims for dividend tax refunds by creating the illusion of multiple share ownership around dividend payout dates.
Shah, extradited from Dubai in 2023 after years of investigation, plans to appeal the verdict while remaining in custody due to flight risk concerns.