British hedge fund trader Sanjay Shah is to be extradited from the UAE to Denmark to face money laundering and fraud charges following a ruling by the Dubai Court of Appeal, according to a report by Bloomberg.

The court overturned an earlier court decision to block his extradition after the Attorney General of Dubai, Essam Issa Al Humaidan, submitted an appeal to the Dubai Court of Cassation.

According to Danish prosecutors, Shah masterminded a $1.9 billion scam involving his firm Solo Capital Partners, wife Usha and a global network of bankers, lawyers and agents who allegedly, illegally sought refunds from he Danish tax authorities on dividend taxes they never paid, on stocks they never owned. 

Shah, who was arrested in Dubai in June at the request of Denmark, has always denied the allegations and maintains his innocence.