ED to confront Hasan Ali with arrested associate Tapuriah

ED will confront Hasan Ali Khan with his associate Kashinath Tapuriah in an attempt to unravel the "financial association" between the two businessmen in its probe against them.

Last Updated: Mar 24, 2011, 22:11 PM IST

Mumbai: Enforcement Directorate(ED) will
confront Hasan Ali Khan with his associate Kashinath Tapuriah
in an attempt to unravel the "financial association" between
the two businessmen in its probe against them over charges of
huge tax evasion and money laundering.

The ED arrested Tapuriah in Mumbai today after three
days of questioning and he has been sent to the agency`s
custody till March 30 by a court.

"Both Khan and Tapuriah have been evading replies on
their association. Based on documentary evidence obtained by
various agencies, it is being planned to confront them with
each other in presence of the investigators," sources involved
in the probe said today.

The association between the Pune-based studfarm owner
and the Kolkata-based businessmen surfaced in 2007 when the
Income Tax department searched the premises of Khan in Pune
and found Tapuriah`s mention in a CD which had information on
alleged cross-border financial dealings on behalf of Khan,
the sources said.

Subsequent I-T searches on Tapuriah`s premises at
Kolkata led to the recovery of a pen drive where certain
alleged financial dealings relating both of them were claimed
to have been found.

The I-T department has raised a tax demand of Rs
50,329 crore against Khan, Rs 591 crore against Tapuriah and
Rs 20,540 crore against Tapuriah`s wife Chandrika after it`s
assessment in 2008.

According to sources, they have found documents that
point to signing of Memoranda of Understanding (MoUs) by
both of them to purchase properties abroad.

"Now in order to realise the huge tax demand and
ascertain money laundering avenues, it is necessary to find
such properties abroad which can be attached to realise the
amount. Their role and information will be cross-checked,"
the sources claimed.

PTI