A 54-year-old Indian-origin hedge fund trader in Denmark has been sentenced to 12 years in prison after being proven guilty of defrauding the state of £1bn in a “cum-ex” tax scheme. 

A Danish court on Thursday held British businessman Sanjay Shah, Shah, founder of London-based hedge fund Solo Capital Partners guilty of fraud.

He also received a permanent entry ban to Denmark and will have assets worth $1bn (DKK 7.2bn) seized, as well as a string of properties, according to British media.

According to media reports, his cum-ex trading schemes have been actively flourishing since the 2008 financial crisis, with Germany, Belgium, and Denmark among the European countries most affected.

However, Shah reportedly denied any wrongdoing, arguing that he had used legal loopholes.

He was arrested in 2022 in Dubai and extradited to Denmark in December last year, according to media reports.

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