Fully cooperating with ED on Hasan Ali probe: UBS

UBS is doing everything within its powers to facilitate the investigation by the Enforcement Directorate.

Last Updated: Mar 23, 2011, 23:56 PM IST

Mumbai: After Enforcement Directorate, under
fire from the Supreme Court for its shoddy handling of black
money cases, sent notice to the UBS on the USD 8-billion money
laundering issue involving Hasan Ali Khan, the Swiss banking
powerhouse on Wdnesday said it is fully cooperating with the
authorities.

"UBS is doing everything within its powers to facilitate
the investigation by the Enforcement Directorate (ED). We have
assisted the ED on a voluntary basis and have provided
information to them," the bank said in a release here.

Mumbai: After Enforcement Directorate, under
fire from the Supreme Court for its shoddy handling of black
money cases, sent notice to the UBS on the USD 8-billion money
laundering issue involving Hasan Ali Khan, the Swiss banking
powerhouse on Wdnesday said it is fully cooperating with the
authorities.

"UBS is doing everything within its powers to facilitate
the investigation by the Enforcement Directorate (ED). We have
assisted the ED on a voluntary basis and have provided
information to them," the bank said in a release here.

The agency had reportedly for the second time issued
summons to British lender Barclays Bank too under the
Prevention of Money Laundering Act in this case.

Following Supreme Court intervention, Hasan Ali is in ED
custody since last week. On March 21, a vacation bench of the
apex court had extended his custody by three more days.

Khan, accused in a case involving alleged money
laundering to the tune of USD 8.04 billion, was sent to ED
custody last Thursday after apex court rejected his bail plea.
The income tax department has also raised a tax demand of Rs
71,874 crore on him.

The ED contends that Khan had an account with the Zurich
branch of UBS and another with a London branch of Barclays. ED
served summons on the local units of both banks on the
grounds that they were liable to Indian banking laws as they
operated branches domestically.

PTI