Hasan Ali Khan
Hasan Ali Khan (born c. 1954) is an Indian businessman. In 2007, Indian authorities began investigating Khan for suspicion of money laundering. He reportedly had a Swiss bank account with $8 billion in deposits. 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.
In January 2011, the then Finance Minister of India, Pranab Mukherjee announced that both Swiss bank accounts of Hasan Ali Khan were emptied. In December 2012, Finance Ministry told the Standing Committee on Finance that recovery of Hasan Ali's tax arrears (of approximately Rs 910 billion) is not possible.
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.
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. In May 2011, ED formally chargesheeted Khan and his associate Kashinath Tapuriah under the Prevention of Money Laundering Act, 2002. ED lawyers said Khan had laundered money for international arms dealer Adnan Khashoggi on several occasions. Khan claimed that he was framed.
Khan was charged with serving as a front for Khashoggi. Allegedly, in 2003, Khan helped launder US$300 million of money Khashoggi made through arms sales through the Zurich branch of Swiss bank UBS. 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. One of Khan's accounts eventually was blocked when it was determined that the source of the funds came from Khashnoggi'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 has verified this with UBS. 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 were forged and numerous media reports claiming $8 billion in stashed black money were false.
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." Indian government has asked the Indian mission in Berne to get in touch with banking authorities of Switzerland for obtaining details about Hasan Ali Khan's Swiss bank accounts.
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- "Recovery of Arrears From Hasan Ali Not Possible: Fin Min". 6 December 2012. Retrieved 20 October 2013.
- "HC Judge Recuses From Hearing Hasan Ali's Bail Plea". 5 August 2013. Retrieved 20 October 2013.
- "Supreme Court Cancels Hasan Ali's Bail". 30 September 2011. Retrieved 20 October 2013.
- "HC Denies Bail". 7 March 2013. Retrieved 20 October 2013.
- "ED Chargesheets Hasan Ali for Money Laundering". 6 May 2011. Retrieved 20 October 2013.
- ""Big names" come up in Pune transactions scam". 9 Mar 2007. Retrieved 20 October 2013.
- "After SC Rap, Hasan Ali Khan Finally Arrested". 8 March 2011. Retrieved 20 October 2013.
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- Staff reporter (25 March 2011). "Custody for Hasan Ali extended". The Hindu. Retrieved 10 July 2011.
- "Hasan Ali 'front man' of arms dealer Khashoggi: ED chargesheet". Indian Express. Retrieved 25 August 2013.
- "Black money case: Hasan Ali bail cancelled, under probe for Khashoggi linksf". Indian Express. Retrieved 25 August 2013.
- Kumar, Devesh. "Black money: Hasan Ali, Tapuriah admit to links with Khashoggi". Economic Times. Retrieved 25 August 2013.
- "Who is Hasan Ali Khan?". India Today. 3 March 2011.
- "Swiss bank UBS denies any dealings with Hasan Ali Khan". Deccan Herald. 16 February 2011.
- M Padmakshan (17 February 2011). "Documents in Hasan Ali money-laundering case forged: Swiss Bank". The Economic Times.
- "ED lacks evidence on Hasan Ali Khan". India Today. 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.