Hasan Ali Khan | |
|---|---|
| Born | c. 1951 Hyderabad,Hyderabad State, India |
| Died | (aged 71) Hyderabad,Telangana, India |
| Known for | Hawala |
| Criminal charge | Money Laundering |
| Criminal status | In Jail(Deceased) |
Hasan Ali Khan (c. 1951 – 23 February 2023) was an Indian businessman.[1] In 2007, Indian authorities began investigating Khan on suspicion ofmoney laundering.[2][3] He had aSwiss bank account with $8 billion in deposits.[4] He allegedly stashed away billions into Swiss bank accounts with the help ofKolkata-based businessman Kashinath Tapuriah andDelhi-based Praveen Kumar usinghawala.[5]
In January 2011, the thenFinance 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 parliamentaryStanding Committee on Finance that recovery of Hasan Ali'stax arrears (of approximately ₹ 910 billion) was not possible.[9]
In October 2013,[10] it was reported that Hasan Ali would remain in jail after hisbail petitions had been rejected several times by various courts[11] including theBombay High Court[12] and theSupreme Court of India.[11]
Hasan Ali denied all the allegations and said he had noSwiss bank accounts and some of his rivals could be behind the charges.[13]
In March 2007, Hasan Ali's properties were raided by India'sEnforcement Directorate (ED) and Income Tax officials based on allegations ofhawala transactions. Hasan Ali's lawyer denied all the allegations and said he had noSwiss bank accounts and some of his rivals could be behind the charges.[13][14]
TheSupreme Court of India intervened and asked why Khan and others were notinterrogated despite sufficient evidence against them. After this criticism, Khan was arrested by ED in March 2011.[15] In May 2011, ED formallychargesheeted Khan and his associate Kashinath Tapuriah under thePrevention of Money Laundering Act, 2002.[16] ED lawyers said Khan had laundered money for international arms dealerAdnan 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 bankUBS 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 bankUBS account and theGovernment 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 inBern 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 leaderJagdish Tytler, ex-Samajwadi Party leader & actressJaya Prada, former Chief Minister of Andhra Pradesh & Congress leader,Vijay Bhaskar Reddy, & film financierYusuf 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]
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