Shrien's lawyers claimed the prosecution has presented "no credible evidence" to connect the 34-year-old businessman with the murder of his wife Anni Dewani, 28.
The businessman's defence team claimed a key prosecution witness is unreliable.
Taxi driver Zola Tongo, who is serving 18 years for Anni's murder, has told the court he was paid by her husband to arrange the murder.
Defence lawyer Francois van Zyl told the Cape Town court the prosection's case rested on Tongo's evidence.
After hearing arguments from both the defence and prosecution, Judge Jeannette Traverso is expected to rule on Shrien's application for aquittal later this week.
Shrien faces life if found guilty of arranging to have his wife Anni murdered, who died in Cape Town after an apparent carjacking went wrong.
He is accused of hiring three men -- taxi driver Zola Tongo, Mziwamadoda Qwabe and Xolile Mngeni -- to kill Anni.
Mngeni was sentenced to life in prison for the murder but died in jail. Qwabe was sentenced to 25 years.
According to the prosecution, Shrien conspired with the trio to stage the hijacking, for which he paid 15,000 rand (USD 1,300).
Shrien, however, claims the money was actually for a surprise helicopter trip which Tongo was helping to arrange.
He lost a four-year legal battle to avoid extradition to South Africa, and was sent in April to stand trial. Shrien also underwent psychiatric treatment and was found fit to stand trial.
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