If the Glostrup District Court in Copenhagen finds him guilty, he could face up to 12 years in prison.
Singapore ranks as 5th least corrupt country in 2023 index led by Denmark
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Shah was extradited to Denmark by the United Arab Emirates in December, following years of negotiations and the signing of an extradition treaty between the two countries in March 2022.
The prosecution alleges that Shah utilized a sophisticated fraud scheme to unlawfully obtain over nine billion kroner in dividend tax refunds from the Treasury through more than 3,000 fraudulent applications.
Foreign companies controlled by Shah falsely claimed ownership of shares in Danish companies to fraudulently receive dividend tax refunds.
The prosecution aims to recover 7.2 billion kroner obtained illegally by Shah.
Prosecutor Marie Tullin described the case’s complexity to the court, citing over 300,000 documents involved.
Defense lawyer Kare Pihlmann mentioned the lengthy delay in the trial due to the case’s complexity, international nature, and challenges in extraditing Shah to Denmark.
Media in Denmark has portrayed Shah as a father-of-three with a lavish lifestyle, who also raised funds through charity concerts for his organization, “Autism Rocks.”
Shah’s former assistant, Anthony Mark Patterson, pleaded guilty to being an accomplice and was sentenced to eight years in prison on March 1.
During his trial, Patterson expressed regret for his involvement in the scheme and detailed his understanding of the fraudulent activities at Solo Capital, where he worked under Shah.
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Shah’s lawyer expressed concerns about his client receiving a fair trial in Denmark, citing comments made by government officials that may violate the presumption of innocence.
The case has garnered significant media coverage in Denmark, as the state seeks to recover the funds obtained through the fraudulent scheme.
Financial daily Borsen reported that Danish authorities are eyeing Shah’s assets, including billions in bank accounts and properties in London, to reclaim the misappropriated funds.
In a separate trial in Dubai, Shah was ordered to pay over US$1.2 billion to Denmark’s tax authority, with another trial ongoing in Britain.
The case is part of a larger issue of “cum-ex” and “cum-cum” scams that have exploited loopholes in European tax laws, costing taxpayers up to 150 billion euros according to Bloomberg estimates.
