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ED issues `Look out Circular` against Hasan Ali

Hasan Ali is alleged to have stashed billions of dollars of unaccounted money in foreign banks.



New Delhi/Mumbai: A day after Supreme Court
rapped the Government, the Enforcement Directorate(ED) on Friday
issued a `Look Out Circular` at all airports against Pune-
based stud farm owner Hasan Ali Khan, accused of stashing
black money abroad, to ensure he does not flee the country.

The circular at airports and all entry points has been
issued so that Khan is not able to escape the country pending
investigation by various agencies, sources said.

Khan, who is alleged to have stashed away over USD 8
billion in Swiss banks, meanwhile is likely to appear before
the ED on March seven , sources in Mumbai said.

The ED recently sent a notice to Khan, who is under
investigation for money laundering and for allegedly
transferring cash/valuable assets outside the country by
unlawful means with the help of foreign nationals.

The Supreme Court while lambasting the Centre for not
having the "will power" to act against black money hoarders,
yesterday asked why Khan and others were not subjected to
custodial interrogation despite the probe agencies possessing
sufficient material.

"What the hell is going on in this country," an
anguished court had asked.

On February 11, the Supreme Court had also asked the
Centre to ensure that Khan did not leave the country in
connection with the black money case involving him.

Khan had been earlier served a notice for a tax demand
for about Rs 40,000 crore in 2009.

Sources also indicated that Khan and his associates
will be summoned for a new round of questioning by a joint
team of law enforcement agencies-- Income Tax department and
Economic Offences Wing of the Maharashtra government.

Earlier, the ED office in Mumbai had issued a
nation-wide alert in connection with Khan`s dealings to obtain
information about his investments and transactions in the
country.

The ED, Income Tax department along with the Economic
Offences Wing (EOW) of Maharashtra are probing the illegal
investments and charges of money laundering against Khan.

The ED also wants to obtain all possible information
from various state and central law enforcement agencies about
the finances of Khan in its probe to track his money trail,
sources said.

Khan had appeared before I-T authorities in Mumbai on
February 18 apparently in connection with notices issued to
him on December 31, 2008, over alleged huge tax evasions in
connection with his undisclosed funds in several foreign bank
accounts.

Tax enforcement agencies are now trying to locate
properties of Khan abroad which could be attached or auctioned
to extract from him a huge tax liability to the tune of Rs
40,000 crore.

Earlier, in January 2007, the I-T department had
raided Khan`s residence at Koregaon Park in Pune and had
seized documents that showed that he had USD 8.04 billion in a
UBS account in Zurich. However, UBS denied any business
relationship with Khan.

The raid followed reports that Khan had allegedly
concealed his income and not filed income tax returns since
1999. The department had also raided his properties in Mumbai
and Hyderabad.

PTI

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