New Delhi: Pune businessman and racing tycoon Hasan Ali Khan faces a fine of up to Rs 1 lakh crore for illegally amassing money in foreign bank accounts.
The Enforcement Directorate has issued a show cause notice to Khan for running up unaccounted deals worth Rs 36,000 cr.
Khan is currently lodged in Mumbai's Arthur road jail, after being arrested in a fake passport case. CNN-IBN first broke the story of Hasan Ali Khan's illegal millions in March 2007.
The Income Tax department in Mumbai raided Khan and found he was operating a bank account of over $8bn in Zurich.
The probe also uncovered Khan's financial transactions with international arms dealer Adnan Khashoggi.
Under the Foreign Exchange Management Act, the maximum penalty imposed can be three times the amount involved. If imposed in this case, it would be over Rs 1 lakh crore.
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