(Bloomberg) -- British hedge-fund trader Sanjay Shah will remain in a Danish jail ahead of his trial next month, when he will face criminal charges over Cum-Ex trades that allegedly swindled the Danish state out of $1.3 billion.

Shah, who was extradited to Denmark from Dubai on Wednesday, was remanded in custody for four weeks, Ritzau news agency reported, citing a Copenhagen judge. 

Denmark’s public prosecutors allege that Shah oversaw a massive Cum-Ex trading scam in which a global network of bankers, lawyers and agents earned vast sums of money from Denmark’s tax authority by using a loophole on dividend payouts to reap duplicate tax refunds.

Read More: Cum-Ex Trader Shah Extradited to Denmark a Year After Arrest

The fraud allegedly took place between 2012 and 2015, and Shah received at least 80% of the money, according to the prosecutors. The trader, who faces a maximum prison term of 12 years if convicted, has consistently denied the allegations.

The criminal trial, in which Shah will be tried with British hedge fund trader Anthony Patterson, is scheduled to begin Jan. 8. It is, however, likely to be postponed to give Shah’s lawyers time to prepare him for the case. 

Patterson, allegedly Shah’s accomplice in the Cum-Ex scam, has been in custody in Denmark since he was extradited from the UK in July.

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