A Danish court has imposed a 12-year prison sentence on a British hedge fund trader, deemed by authorities to be involved in a significant tax fraud that allegedly amounts to 9 billion kroner (approximately $1.3 billion). This information was confirmed by officials in the Danish justice system.

Sanjay Shah was extradited from Dubai last year to stand trial for allegedly orchestrating a complicated tax scheme designed to illegitimately secure tax refunds from the Danish government through deceptive trading practices. When his extradition was announced, the Danish taxation minister referred to the case as “one of the largest criminal fraud cases in Denmark’s history.”

In his defense, Shah has claimed that he utilized a legal gap in the system and has stated that he plans to appeal the verdict delivered on Thursday. Earlier, in May 2023, he was found guilty in Dubai for conducting this scheme between 2012 and 2015, where he was accused of having foreign companies falsely claim ownership of shares in several of Denmark’s notable corporations, such as the large pharmaceutical firm Novo Nordisk, the shipping giant A.P. Moeller, wind turbine producer Vestas, and the Carlsberg brewery. According to Danish broadcaster DR, this sentence marks the longest ever handed down for a financial offense in the country.

The process leading to Shah’s extradition involved eight years of thorough investigations and multiple requests from Denmark for his extradition. He is currently still in custody following the sentence.