Denmark confiscates Indian-origin tycoon’s London property

The Danish investigative authorities have announced the confiscation of a multi-million-pound property owned by a Dubai-based Indian-origin tycoon in central London over alleged tax fraud. Sanjay Shah denies any wrongdoing and his spokesperson described Monday's announcement as odd because Shah's assets had been frozen by the Danish tax authority over a year ago.

"Sanjay continues to protest his innocence and repeats that he received two separate legal opinions that the cum-ex trades were legal," said Shah’s spokesperson Jack Irvine. "Sanjay’s assets were frozen over a year ago by the Danish tax authority, SKAT. It seems odd that Soik [state prosecutors] now make another announcement. The left-hand doesn’t know what the right hand is doing,” he said.

While the Danish authorities have not identified Shah by name, Denmark's State Prosecutor for Serious Economic and International Crime said the announcement this week followed the UK authorities confirming that the seizure had been accomplished. "The seizure of the British property in London was enabled by the investigative effort conducted by the State Prosecutor for Serious Economic and International Crime at the end of 2019,” said a statement from Demark’s State Prosecutor for Serious Economic and International Crime.

"Subsequently, the prosecutors in this department presented the pieces of evidence to the Danish court, who approved the confiscation. Now, the English authorities have finally confirmed that the seizure has been accomplished, and the assets have been secured in London," the statement said. The Danish tax authority claims it was deceived into paying multiple refunds as a result of a fraudulent scheme linked with Shah, a London-born businessman who lives in Dubai.

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