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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Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
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1. Black holes are objects whose gravity is so strong not even light can escape their pull
2. They can be created when massive stars collapse under their own weight
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Why your domicile status is important
Your UK residence status is assessed using the statutory residence test. While your residence status – ie where you live - is assessed every year, your domicile status is assessed over your lifetime.
Your domicile of origin generally comes from your parents and if your parents were not married, then it is decided by your father. Your domicile is generally the country your father considered his permanent home when you were born.
UK residents who have their permanent home ("domicile") outside the UK may not have to pay UK tax on foreign income. For example, they do not pay tax on foreign income or gains if they are less than £2,000 in the tax year and do not transfer that gain to a UK bank account.
A UK-domiciled person, however, is liable for UK tax on their worldwide income and gains when they are resident in the UK.
Rajasthan Royals 153-5 (17.5 ov)
Delhi Daredevils 60-4 (6 ov)
Rajasthan won by 10 runs (D/L method)
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
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