COPENHAGEN, Denmark (AP) — A British hedge fund trader extradited from the United Arab Emirates to Denmark where he was wanted for allegedly orchestrating a more than 9 billion kroner ($1.3 billion) tax fraud, was ordered Thursday to remain in pre-trial custody until Jan. 3.

Sanjay Shah was convicted in May in Dubai of masterminding a scheme that ran from 2012 to 2015 in which foreign businesses pretended to own shares in some of Denmark’s largest companies, including pharmaceutical giant Novo Nordisk, shipping company A.P. Moeller, windmill maker Vestas and the Carlsberg brewery. He claimed tax refunds for which they were not eligible.

The Glostrup District Court in suburban Copenhagen said Shah should be remanded in custody because he’s a flight risk. His lawyer, Kåre Pihlmann, said Shah has not decided whether to appeal.

During Thursday’s court session, Shah, 53, refused to talk. He has said he used a loophole in Danish law and has denied fraud. The case is considered one of the largest in Denmark.

A court in the United Arab Emirates had cleared Shah’s extradition, which came after eight years of investigation and extradition requests by Denmark. Shah arrived Wednesday aboard a regular flight from Dubai, escorted by Danish police who formally arrested him once in Denmark.