In 2018, Britain, Germany and the United Arab Emirates had frozen, but not confiscated $660 million in assets belonging to Shah. and that Danish authorities have filed cases against him in the Dubai International Financial Centre Courts as well as the Commercial Court in London.
In the same month, finans.dk, a subsidiary of the Jyllands-Posten newspaper, reported that assets in Elysium Global and Elysium Properties, two of Shah's companies, had been frozen. The claims against these companies were not defended, hence the default judgment. In September 2018, a High Court of Justice judge in London entered a $1.3 billion default judgment against two UK companies, Solo Capital Limited and Elysium Global (UK) Limited, which were no longer in Shah's control, at the behest of the Danish tax agency SKAT. In 2017, two suspected co-conspirators were also charged by the Danish authorities. Īs of December 2016, about 300 million euros had been seized by the Danish police in cooperation with foreign police forces. In addition, he is being investigated since 2016 by Germany and the UK via Eurojust, and by the US Treasury Department, as it is suspected that some of the money were funneled through US pension funds. An additional 300 million euros in Belgium and 40 million euros (350 million NOK) in Norway were only stopped, because of warnings from the Danish authorities. Shah is also the prime suspect in similar alleged tax fraud cases involving more than 200 million euros in Belgium and 65,000 euros (580,000 NOK) in Norway respectively. The alleged tax fraud took place between 20 and is the largest in the history of Denmark. Shah was investigated in regards to the case in 2015. Since 2015, Shah has been the prime suspect in a case regarding the Danish Government being allegedly defrauded of 12.7 billion DKK (1.65 billion euros) which was exposed in the CumEx-Files. In June 2018, Denmark's Ministry of Taxation filed a civil claim in the UK High Court of Justice, claiming it had been the victim of fraud, conspiracy, dishonesty and unjust enrichment. This was two years before Sanjay Shah's company Solo Capital enabled clients to be paid more than 8 billions of DKK in tax refunds. In 2010, in an audit report, the Danish Ministry of Taxation was found to have ignored warnings on multiple occasions of a legal tax loophole concerning dividend tax. Shah was investigated in regards to tax fraud and Solo Capital closed in 2016, amid the investigation by Danish authorities, while his London home and offices were raided by the British National Crime Agency, and Varengold Bank (co-owned by Shah) was raided by German authorities. He founded the hedge fund firm Solo Capital in London, which employed "more than 100 financial experts across offices in London and Dubai". Shah worked as a banker for Morgan Stanley, Credit Suisse and Rabobank "over a period of almost 20 years and – after finding himself unemployed in 2008 – set up his own investment management, brokerage and principal trading business".
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