How the UAE helps fight international money laundering and tax evasion operation – News

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British hedge fund trader Sanjay Shah arrested for $1.7 billion tax evasion in Dubai



Published: Mon 6 Jun 2022, 00:21

Last update: Mon 6 Jun 2022, 02:16

A British hedge fund trader has been arrested by Dubai police for tax fraud on dividends worth $1.7 billion. Sanjay Shah, 52, the alleged mastermind behind the scam, had been wanted in Denmark for seven years. The arrest is part of ongoing efforts by UAE authorities to combat money laundering and tax evasion crimes, in coordination with international agencies.

In a statement, Abdullah bin Sultan bin Awad Al Nuaimi, Minister of Justice, said: “International crime demands an international response. The arrest of Sanjay Shah, following the receipt of an international arrest warrant by the Danish authorities, sends a clear signal of the UAE’s intention to work closely with international partners in pursuing the international crimes.

“Over the past two years, UAE authorities have worked closely with their Danish counterparts to compile a solid body of evidence in this case.

“There have been 25 requests for legal assistance between the UAE and Denmark which have been executed on this particular matter.

“The UAE’s commitment to collaboration is also symbolized in the comprehensive extradition treaty signed with Denmark in March 2022. This is one of 37 treaties put in place in recent years and the UAE has intend to sign others.

“Through the partnership’s strong and collaborative structure, the UAE is committed to disrupting organized crime in all its forms in order to protect the UAE and maintain the integrity of the international financial system.”

A task force made up of elite officers from the wanted persons department and the anti-money laundering department followed Shah’s movement as part of the investigations before his arrest in a raid by the police of Dubai, said the expert, Major General Khalil Ibrahim Al Mansouri, Deputy Commander-in-Chief for Criminal Investigative Affairs.

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Shah, who has maintained his innocence, ran a center for autistic children in Dubai, which was closed in 2020 following Denmark’s extradition attempt.

Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, has always been keen to maintain strong, active and vital communication channels with police and justice agencies around the world to fight crime transnational organized crime, including financial crimes and fraud.


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