Hedge Fund Founder on Trial for £1.4 Billion Tax Scam Treated Himself to Ferrari
- Shah says using a loophole to claim tax refunds was legal
- Shah says there was ‘jealousy’ after he bought a Ferrari
Sanjay Shah arrives at the Kastrup Airport in Copenhagen, Denmark on Dec. 6.
Photographer: Mads Claus Rasmussen/AFP/Getty ImagesThis article is for subscribers only.
Hedge-fund founder Sanjay Shah, on trial for allegedly orchestrating a tax scam that cost Denmark £1.4 billion ($1.7 billion), denied any wrongdoing and said markets were envious when he treated himself to a Ferrari.
Testifying at a London court from a Danish prison via a video call, Shah insisted that his controversial so-called Cum-Ex trades were lawful and that any rumors circulated in the industry were merely due to jealousy.