Denmark seizes Sanjay Shah’s mansion over £1.5bn fraud claim
04 Feb 2020

Danish police have seized the central London mansion of a multimillionaire British businessman accused of defrauding Danish taxpayers of £1.5 billion.

A spokesman for Sanjay Shah, a former hedge fund boss, confirmed that his £14.7 million property near Hyde Park had been expropriated. Mr Shah lives in Dubai.

Yesterday Danish police said they had seized the property owned by a suspect thought to have defrauded more than 12bn Danish kroner (£1.5 billion). Officers did not name Mr Shah, 50, but the spokesman for the businessman confirmed that his house had been seized.

He is alleged to have created a complex scheme using fake documents to fraudulently claim tax relief on share dividends in Denmark.

Under Danish law, companies withhold 27 per cent of share dividends to pay directly to the taxman but foreign investors can have the tax refunded. The Danish tax authority says it was deceived into paying multiple refunds to British agents in 2012-15. At least £800 million ended up in Solo Capital, Mr Shah’s hedge fund which closed in 2016.

A High Court filing from 2018 described Mr Shah as “the primary individual said to be responsible for the fraudulent scheme”. The Danish state prosecutor announced that it took control of the property on Monday but did not name the owner.

Jack Irvine, Mr Shah’s spokesman, confirmed that it was his client’s London house, adding that the timing of the announcement was “absolutely bizarre” as the Danish authorities had taken hold of the property last year.

By Harry Shukman, The Times, 4 February 2020

Read more at The Times

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