Hasan Ali got assets by dubious transactions: ED
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Last Updated: Tuesday, July 26, 2011, 19:16
Mumbai: The Enforcement Directorate on Tuesday informed the Bombay High Court that investigations into the attached properties of Pune-based businessman Hasan Ali Khan, arrested in a multi-crore money laundering scam, has revealed that the assets were purchased through dubious transactions so as to not disclose the true source of funds.

"Properties (both movable and immovable) worth about Rs 16.5 crore were attached on June 30. Investigations revealed Khan had arranged for cheques to be issued in lieu of cash given by him to several persons so as to not disclose the true nature of transactions," the affidavit stated.

The affidavit was filed by ED while opposing Khan's bail plea before Justice AM Thipsay.

It further claimed that the Peddar Road property purchased in the name of Khan's wife Rheema in 2003 was through a loan arranged by a finance company Dhanshri Fin Caps Ltd.

"The loan for Rs 1.40 crore was arranged after Khan paid the company in cash so as to camouflage the true source of funds," the affidavit alleged.

According to ED, several transactions shown as payment through loans or cheques were actually in lieu of cash already given by Khan.

"Khan does not have any known source of income to fund the above cash transactions for purchase of properties and hence further investigation needs to be done so as to find out the source of funds," the affidavit stated.

Khan's lawyer I A Bagaria, however, refuted all the allegations levelled by ED and said, "No offence has been committed. There is no money in any foreign bank accounts." The matter will be heard on Wedesday.


First Published: Tuesday, July 26, 2011, 19:16

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