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Wanted British man arrested in Dubai over $1.7 billion tax fraud case

 

A 52-year-old British man wanted over a $1.7 billion (Dh6.2 billion) dividend tax fraud case in Denmark has been arrested in Dubai, according to Dubai Police.

Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, said the suspect was located, tracked and then arrested in coordination with Dubai Public Prosecution.

The suspect, identified only by his initials S.S., will be handed over to Danish authorities after he faces the Public Prosecution in Dubai and an extradition warrant is issued.

Brigadier Jamal Al Jallaf, director of the General Department of Criminal Investigations, said S.S. is wanted in Denmark for involvement in a scheme in which foreign businesses pretended to own shares in Danish companies and claim tax refunds for which they were not eligible.

“The fraud scheme, known as ‘cum-ex’ trading, involved submitting more thousands of applications to the Danish Treasury on behalf of investors and companies from several countries around the world in order to receive dividend tax refunds,” Al Jallaf said.

He said that S.S., along with others, is facing charges of dividend-tax fraud and money laundering. ICA/Expat Media


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