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
"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.