Hasan Ali Khan (Template:Circa – 23 February 2023) was an Indian businessman.[1] In 2007, Indian authorities began investigating Khan on suspicion of money laundering.[2][3] He had a Swiss bank account with $8 billion in deposits.[4] He allegedly stashed away billions into Swiss bank accounts with the help of Kolkata-based businessman Kashinath Tapuriah and Delhi-based Praveen Kumar using hawala.[5]
In January 2011, the then Finance Minister of India, Pranab Mukherjee, announced that both Swiss bank accounts of Hasan Ali Khan were emptied.[6][7][8] In December 2012, Finance Ministry told the parliamentary Standing Committee on Finance that recovery of Hasan Ali's tax arrears (of approximately ₹ 910 billion) was not possible.[9]
In October 2013,[10] it was reported that Hasan Ali would remain in jail after his bail petitions had been rejected several times by various courts[11] including the Bombay High Court[12] and the Supreme Court of India.[11]
Hasan Ali denied all the allegations and said he had no Swiss bank accounts and some of his rivals could be behind the charges.[13]
Legal cases
In March 2007, Hasan Ali's properties were raided by India's Enforcement Directorate (ED) and Income Tax officials based on allegations of hawala transactions. Hasan Ali's lawyer denied all the allegations and said he had no Swiss bank accounts and some of his rivals could be behind the charges.[13][14]
The Supreme Court of India intervened and asked why Khan and others were not interrogated despite sufficient evidence against them. After this criticism, Khan was arrested by ED in March 2011.[15] In May 2011, ED formally chargesheeted Khan and his associate Kashinath Tapuriah under the Prevention of Money Laundering Act, 2002.[16] ED lawyers said Khan had laundered money for international arms dealer Adnan Khashoggi on several occasions.[16] Khan claimed that he was framed.[17]
Khan was charged with serving as a front for Khashoggi. Allegedly, in 2003, Khan helped launder through the Zurich branch of Swiss bank UBS US$300 million Khashoggi had made through arms sales.[18][19] Khashoggi reportedly had to use Khan as a front as UBS had blackballed him due to his notoriety. Introduced to UBS by Khashoggi in 1982, Khan enabled the arms dealer to launder funds held in American accounts through UBS Geneva.[20] One of Khan's accounts eventually was blocked when it was determined that the source of the funds came from Khashoggi's arms sales.
India Today magazine claimed that it had verified a letter confirming that $8 billion in black money was in a Swiss bank UBS account and the Government of India too had verified this with UBS.[21] However, the Swiss bank UBS denied Indian media reports alleging that it maintained a business relationship with or had any assets or accounts for Hasan Ali Khan accused in the $8 billion black money case. Upon formal request by Indian and Swiss government authorities, the bank announced that the documentation supposedly corroborating such allegations was forged and numerous media reports claiming $8 billion in stashed black money were false.[22][23]
India Today, in a later article, wrote, "Hasan Ali Khan stands accused of massive tax evasion and stashing money in secret bank accounts abroad. But the problem is that the law enforcement agencies have precious little evidence to back their claims. For one, UBS Zurich has already denied having any dealings with Khan."[24] Indian government has asked the Indian mission in Bern to get in touch with banking authorities of Switzerland for obtaining details about Hasan Ali Khan's Swiss bank accounts.[25] Hasan Ali named Praful Patel during hawala interrogation.[26] He was also friends with Congress leader Jagdish Tytler, ex-Samajwadi Party leader & actress Jaya Prada, former Chief Minister of Andhra Pradesh & Congress leader, Vijay Bhaskar Reddy, & film financier Yusuf Lakdawala.[27][28]
Khan died in Hyderabad on 23 February 2023, at the age of 71. By that trial of any of the charges against him had yet begun.[29]
References
- ↑ This multi-billionaire for real?. The Times of India(9 March 2007).
- ↑ Police serve notice to Hasan Ali Khan. The Times of India(10 March 2007).
- ↑ King Con: Hassan Ali Khan(29 January 2011). Retrieved 10 July 2011.
- ↑ Who is Hasan Ali Khan?. India Today(3 March 2011).
- ↑ Hasan Ali Khan's counsel moves SC over 'stroke'. The Times of India(1 November 2011).
- ↑ Hasan Ali's $6bn in Swiss accounts missing. The Times of India(26 January 2011).
- ↑ Mystery over Hassan Ali's billions. Times Now.
- ↑ The Chargesheet against Pranab.
- ↑ Recovery of Arrears From Hasan Ali Not Possible: Fin Min(6 December 2012).
- ↑ HC Judge Recuses From Hearing Hasan Ali's Bail Plea(5 August 2013).
- ↑ 11.0 11.1 Supreme Court Cancels Hasan Ali's Bail(30 September 2011).
- ↑ HC Denies Bail(7 March 2013).
- ↑ 13.0 13.1 ED Chargesheets Hasan Ali for Money Laundering(6 May 2011). Retrieved 20 October 2013.
- ↑ "Big names" come up in Pune transactions scam(9 March 2007).
- ↑ After SC Rap, Hasan Ali Khan Finally Arrested(8 March 2011).
- ↑ 16.0 16.1 HC questions Hasan Ali's source of wealth. The Times of India(29 July 2011). Retrieved 30 July 2011.
- ↑ Custody for Hasan Ali extended. The Hindu(25 March 2011).
- ↑ Hasan Ali 'front man' of arms dealer Khashoggi: ED chargesheet(7 May 2011).
- ↑ Black money case: Hasan Ali bail cancelled, under probe for Khashoggi linksf(30 September 2011).
- ↑ Black money: Hasan Ali, Tapuriah admit to links with Khashoggi, Kumar, Devesh.
- ↑ Who is Hasan Ali Khan?(3 March 2011).
- ↑ Swiss bank UBS denies any dealings with Hasan Ali Khan. Deccan Herald(16 February 2011).
- ↑ Documents in Hasan Ali money-laundering case forged: Swiss Bank. The Economic Times(17 February 2011).
- ↑ ED lacks evidence on Hasan Ali Khan(8 March 2011).
- ↑ India moves Swiss govt in Hasan Ali tax evasion case - Times Of India. Articles.timesofindia.indiatimes.com (26 November 2012). Retrieved on 17 August 2013.
- ↑ 'Hasan Ali named Praful Patel during hawala interrogation' | Mumbai News - Times of India. The Times of India(14 February 2012).
- ↑ Tax evasion: Will Tapuriah sue Hassan for gifting diamond to Congress leader Renuka. indiatoday.intoday.in(20 May 2011).
- ↑ Hasan Ali Stayed With Renuka Chaudhary. indiarun.wordpress.com(29 May 2011).
- ↑ Arrested by ED in 2011, Pune businessman Hasan Ali dies before trial starts(24 February 2023). Retrieved 24 February 2023.
External links
- NDTV. NDTV(26 August 2011).
- Bluff Master Ali. Tehelka(16 April 2011). Retrieved 23 December 2011.