Dubai Police on Friday arrested hedge fund trader Sanjay Shah in the emirate on an international arrest warrant from authorities in Denmark.
Skat, Denmark's tax authority, alleges that Mr Shah, a British citizen, was a central player in a scheme in which foreign businesses pretended to own shares in Danish companies and claim tax refunds for which they were not eligible.
In January, Mr Shah, 52, denied the charges and said he was operating within Danish law.
Dubai Police said the arrest came after the signing of an agreement in March allowing for extradition between the UAE and Denmark.
Maj Gen Khalil Al Mansouri, assistant commander-in-chief for Criminal Investigation Affairs, said a Dubai Police task force, with the help of information from Danish authorities, gathered evidence and tracked Mr Shah's movements and whereabouts.
Brig Jamal Al Jallaf, director of the General Department of Criminal Investigations, said Mr Shah, along with others, is facing charges of dividend-tax fraud and money laundering.
“The fraud scheme, known as 'cum-ex' trading, involved submitting thousands of applications to the Danish Treasury on behalf of investors and companies from several countries around the world in order to receive dividend tax refunds,” he said.
Brig Al Jallah said Mr Shah will be handed over to Danish authorities after his extradition case has been heard by Dubai Public Prosecution.
Denmark's Justice Minister Mattias Tesfaye said the arrest underlined the importance of the extradition agreement with the UAE.
"The Danish Treasury has been cheated for a staggering amount and of course it should not be possible for suspected perpetrators to hide in the Middle East and thus avoid being held accountable in a Danish courtroom," he said.
"Now I am awaiting the legal process in the UAE and crossing my fingers that it will end up that we can get Sanjay Shah on a plane to Denmark, so he can be prosecuted in this country. "
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RESULTS
6.30pm Handicap (TB) US$65,000 (Dirt) 1,400m
Winner Golden Goal, Pat Dobbs (jockey), Doug Watson (trainer)
7.05pm Dubai Racing Club Classic Listed Handicap (TB) $88,000 (Turf) 2,410m
Winner: Walton Street, William Buick, Charlie Appleby.
7.40pm Dubai Stakes Group 3 (TB) $130,000 (D) 1,200m
Winner Switzerland, Tadhg O’Shea, Satish Seemar
8.15pm Singspiel Stakes Group 3 (TB) $163,000 (T) 1,800m
Winner Lord Giltters, Adrie de Vries, David O’Meara
8.50pm Al Maktoum Challenge Round-1 (TB) $228,000 (D) 1,600m
Winner Military Law, Antonio Fresu, Musabah Al Muhairi.
9.25pm Al Fahidi Fort Group 2 (TB) $163,000 (T) 1,400m
Winner Land Of Legends, Frankie Dettori, Saeed bin Suroor
10pm Dubai Dash Listed Handicap (TB) $88,000 (T) 1,000m
Winner Equilateral, Frankie Dettori, Charles Hills.
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
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Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
RESULTS
5pm: Maiden (PA) Dh 80,000 (Turf) 1,200m
Winner: AF Majalis, Tadhg O’Shea (jockey), Ernst Oertel (trainer).
5.30pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Sawt Assalam, Szczepan Mazur, Ibrahim Al Hadhrami.
6pm: Maiden (PA) Dh 80,000 (T) 1,400m
Winner: Foah, Fabrice Veron, Eric Lemartinel.
6.30pm: Wathba Stallions Cup Handicap (PA) Dh 70,000 (T) 1,400m
Winner: Faiza, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Handicap (PA) Dh 80,000 (T) 1,600m
Winner: RB Dixie Honor, Antonio Fresu, Helal Al Alawi.
7.30pm: Rated Conditions (TB) Dh 100,000 (T) 1,600m
Winner: Boerhan, Ryan Curatolo, Nicholas Bachalard.
Fixtures and results:
Wed, Aug 29:
- Malaysia bt Hong Kong by 3 wickets
- Oman bt Nepal by 7 wickets
- UAE bt Singapore by 215 runs
Thu, Aug 30: UAE v Nepal; Hong Kong v Singapore; Malaysia v Oman
Sat, Sep 1: UAE v Hong Kong; Oman v Singapore; Malaysia v Nepal
Sun, Sep 2: Hong Kong v Oman; Malaysia v UAE; Nepal v Singapore
Tue, Sep 4: Malaysia v Singapore; UAE v Oman; Nepal v Hong Kong
Thu, Sep 6: Final
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700 - Dubai Hurricanes had more than 700 playing members last season between their mini and youth, men's and women's teams
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Bio Box
Role Model: Sheikh Zayed, God bless his soul
Favorite book: Zayed Biography of the leader
Favorite quote: To be or not to be, that is the question, from William Shakespeare's Hamlet
Favorite food: seafood
Favorite place to travel: Lebanon
Favorite movie: Braveheart
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Job Title: Human resources administrator, Expo 2020 Dubai
First jobs: Co-ordinator with Magrudy Enterprises; HR coordinator at Jumeirah Group
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Favourite travel destination: Germany and Saudi Arabia
Family: Six sisters
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5.10pm: Continous
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7pm: Flood Zone
7.40pm: Straight No Chaser
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