Sanjay Shah poses for a photograph on the Palm Jumeriah Island in Dubai. File/AP

A British hedge fund trader accused of massive fraud can be extradited to face charges in Denmark, Dubai's Court of Cassation has ruled as it rejected his final appeal.

Sanjay Shah, who was arrested in the Emirati financial hub last June, is wanted over an alleged 1.7 billion euro scam to help companies fraudulently claim Danish tax refunds.

An initial decision to reject Denmark's extradition request was overturned in the Court of Appeal last year, prompting Shah's appeal to the Court of Cassation.

The court "has upheld the Dubai Court of Appeal's ruling to grant Denmark's request for his extradition on charges of fraud and money laundering", Dubai Media Office said in a statement late on Monday.

Shah is accused of running a scheme for three years from 2012 in which foreign firms pretended to own shares in Danish companies and claimed tax refunds.

Shah has said he is not guilty and claims he did not violate Danish law, according to media in the United Arab Emirates. He was arrested under an extradition treaty signed last March.

No immediate comment was available from his lawyers.

Agence-France Presse