Click to play videoMumbai: Businessman and race horse owner Hasan Ali Khan was issued a show cause notice by the Enforcement Directorate (ED) on Tuesday. From illegal Hawala transactions to tax evasion to fake passports, this Pune-based tycoon and stud farm owner is under scanner for doing illegal work running into crores of rupees.
Now the ED has issued a notice against Hasan Ali for allegedly acquiring as much as Rs 36,000 crore through illegal means. CNN-IBN also has a copy of the notice served under the stringent Foreign Exchange Management Act.
The notice was served following an investigation by ED. The probe was launched after Hasan Ali's multiple transactions with Saudi Arabian arms dealer Adnan Khashoggi, through one of his 10 Swiss bank accounts came to light.
ED stumbled on the dealings in a notarised statement signed by Hasan Ali in London on June 2003.
The statement shows Hasan Ali had opened an account in the a Swiss bank in 1982, and had received $300 million from Kashoggi's New York account.
Under the stringent FEMA, the maximum penalty imposed is upto three times of the original amount. In this case, if at the end of the investigation if a penalty is indeed imposed then Hasan Ali then he will have to cough up a whopping amount of over one lakh crore rupees.
Hasan Ali had first come under the scanner in 2007 when Mumbai IT department raided his premises and seized documents of his accounts in Zurich. The seized documents revealed a deposit of over $8 billion.
Subsequent raids at his Pune residence revealed that Hasan Ali had stashed away as much as $1,410 billion in various Swiss banks accounts.
After successfully evading arrest for months, Hasan Ali had finally surrendered himself before the Mumbai Police on December 18 in connection with three fake passports that he had obtained.
While Hasan Ali has applied for bail in the passport forgery case, the ED is all set to take him into custody in connection with his other alleged illegal transactions.
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