Danish Prosecutor Seeks Conviction for Hedge Fund Trader in $1.35 Billion Fraud Case

A Danish prosecutor has called for the conviction and maximum 12-year prison sentence for British hedge fund trader Sanjay Shah, accused of defrauding Denmark of $1.35 billion through 'cum-ex' trading schemes from 2012 to 2015. Shah denies the charges, but the trial is closely monitored worldwide, with a verdict expected in December.

A Danish prosecutor has requested the court to convict British hedge fund trader Sanjay Shah, accused of defrauding Denmark of over 9 billion Danish crowns ($1.35 billion), and to impose a maximum 12-year prison sentence.

Shah, 54, allegedly orchestrated fraudulent schemes known as 'cum-ex' between 2012 and 2015 to secure dividend tax refunds from the Danish treasury. Despite his denial of any wrongdoing, prosecutors argue that these schemes exploited weaknesses exposed by the 2008 financial crisis.

The prosecution has also sought to seize assets valued at 7.2 billion Danish crowns ($1.08 billion) from Shah. The trial, which began in March, has garnered international attention from tax authorities. The court's verdict is expected in December. Shah was previously arrested in Dubai in 2022 and extradited to Denmark later that year. ($1 = 6.6779 Danish crowns).

(With inputs from agencies.)