Meet Indian-origin man involved in Europe's biggest Tax fraud, who once worked in bank

An Indian-origin businessman's name has appeared in the biggest tax scam in Europe, 'Cum-Ex'. As per reports of Reuters through the 'Cum-Ex' scam, a fraud of around 10 billion pounds has been committed. Britain is the most affected country with around 2000 bankers, brokers and fund managers in London who are suspects of this scam. 

The Indian-origin businessman who is also a suspect in the scam is Sanjay Shah. He is a Dubai-based British-Indian businessman and tax fraudster. 

What is Cum-Ex scam?

According to the Washington Post, this scam was carried out by taking advantage of tax-related policies. Many people claimed ownership of the same stock. Then took refund on dividend tax, whereas the tax was paid only once by one person. In the language of the economy, this is called the ‘double-tipping’ strategy.

According to the European Parliament, this scandal began in 2001. This came to light for the first time in 2012 by Germany. After an investigation was launched, the scams started being found in different countries of Europe. The European Parliament report states that between 2001 and 2012, a scam of more than 55 billion euros took place. The actual amount may be much higher.

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Who is Sanjay Shah?

Indian-origin businessman Sanjay Shah used to work at Amsterdam-based Rabo Bank. Later he was removed from the job. After this did small business. About 15 years ago, he established a setup related to the 'Dividend Tax Law' and rapidly climbed the ladder of progress.