Sanjay Shah to remain in Denmark jail until January after extradition from UAE

A British hedge fund trader extradited from the UAE to Denmark where he was wanted for allegedly orchestrating a more than 9 billion kroner ($1.3 billion) tax fraud, was ordered Thursday to remain in pre-trial custody until Jan. 3.

Sanjay Shah was convicted in May in Dubai of masterminding a scheme that ran from 2012 to 2015 in which foreign businesses pretended to own shares in some of Denmark's largest companies, including pharmaceutical giant Novo Nordisk, shipping company A.P. Moeller, windmill maker Vestas and the Carlsberg brewery. He claimed tax refunds for which they were not eligible.

The Glostrup District Court in suburban Copenhagen said Shah should be remanded in custody because he's a flight risk. His lawyer, Kåre Pihlmann, said Shah has not decided whether to appeal.

During Thursday’s court session, Shah, 53, refused to talk. He has said he used a loophole in Danish law and has denied fraud. The case is considered one of the largest in Denmark.

• UAE authorities extradite Sanjay Shah to Danish authorities