Denmark Claws Back €232 Million Tied to Hedge Fund Founder Shah

Denmark is clawing back €232 million ($272 million) seized in Germany during a criminal probe of hedge fund founder Sanjay Shah as it tries to recover billions lost to the sprawling Cum-Ex tax scandal.

The money is being handed over to Denmark’s Customs and Tax Administration, or SKAT, a spokeswoman for Hamburg prosecutors said in an e-mailed statement on Friday.

The funds were seized in a money laundering probe targeting Shah and others over profits made by exploiting dividend tax loopholes that were routed through Germany, including via a Hamburg-based bank.

The Hamburg probe into Shah was dropped in light ...