Peters & Peters

Denmark begins court case against Briton Sanjay Shah in ‘cum-ex’ fraud case

Earlier this month a criminal trial started that will be of great interest to tax authorities all over the world.

The trial involves British fund trader Sanjay Shah, who has been charged along with eight other British and US citizens, over so-called ‘cum-ex’ schemes. Denmark is alleging that the fraud cost it 12.7 billion Danish crowns (£1.46 billion) between 2012 and 2015.

Shah, who is the main suspect, denies any wrongdoing, but prosecutors say he fraudulently obtained a dividend tax refund from the Danish treasury through trading schemes that flourished after the 2008 financial crisis.

Neil Swift commented for Reuters and the Evening Standard on the development, saying:

“There is a deterrent element if authorities can show that they’re not just interested in getting the money back in situations like this, but they’re interested in putting people behind bars.”