Sanjay Shah Sentenced for Danish Tax Fraud

British hedge fund trader Sanjay Shah has been sentenced to 12 years in prison by a Danish court for orchestrating a massive 'cum-ex' scheme that defrauded the Danish treasury of over 9 billion DKK (approximately £1.03 billion) between 2012 and 2015. The court ruled that Shah played a central role in this well-organized fraud, which involved submitting over 3,200 fraudulent tax refund claims. In addition to the prison sentence, Shah's assets worth 7.2 billion DKK will be confiscated, and he will be deported from Denmark upon completion of his sentence. Shah, who claimed to have exploited legal loopholes, has denied wrongdoing and plans to appeal the verdict. This case marks the longest prison sentence for financial crime in Danish history and highlights the impact of such fraud on European economies. Shah had been extradited from Dubai to Denmark in December 2023 after years of legal negotiations.