Sanjay Shah, a 54-year-old British trader, has been sentenced to 12 years in prison for orchestrating a fraudulent scheme that deceived the Danish tax authorities out of over €1.2 billion between 2012 and 2015. His scheme involved creating fake companies to exploit tax loopholes, leading to 3,239 illegal tax refund claims. Despite his conviction, Shah has appealed, arguing he only exploited legal gaps. The case highlights broader issues of tax governance across Europe, particularly the infamous ‘cum-ex’ trading practices.