SC stays release of Hasan Ali on bail

Last Updated: Tuesday, August 16, 2011 - 22:39

New Delhi: The Supreme Court on Tuesday stayed
the release of Pune-based stud farm owner Hasan Ali Khan,
accused in money laundering cases, on bail which was granted
by the Bombay High Court.

A three-judge bench headed by Justice Altamas Kabir said
the effect of the Bombay High Court`s order granting bail to
him shall not be operational till Thursday.

The court passed the order on a petition filed by the
Enforcement Directorate challenging the high court`s order
granting bail to Khan, who has been accused in various money
laundering cases.

"Let the matter be listed on Thursday. In the meantime,
order of Bombay High Court of August 12 on bail shall not be
given effect to," the bench said.

"The documents reveal that Hasan Ali Khan has huge funds
in his accounts to the extent of 800 million US dollars with a
bank outside India," the Enforcement Directorate contended.

The agency, in its petition, alleged that various
transactions led by Khan through his foreign bank accounts
reveal his association with international arms dealer Adnan
Khashoggi.

"The documents point to deep linkage between Khan and
Khashoggi," the agency further said while pressing for stay on
Bombay High Court`s order granting bail to Khan.

The high court had granted bail to Khan on August 12
after observing that the agency had failed to show the wealth
amassed by him was proceeds of crime.

"There are no ingredients of proceeds of crime in the
case made out by the Enforcement Directorate against the
applicant. He deserves to be released on bail," the high court
had said.

The ED had said that Khan and his arrested accomplice
Kashinath Tapuriah had deep links with bank officials in the
US, Switzerland, Singapore, UAE and other countries.

It had alleged that Khan has links with Khashoggi, and in
2003, USD 300 million was apparently received by him from the
arms dealer from weapon sales.

It had also said the accused had created a complex maze
of structures and transactions to hide the true source of
funds and frustrate the investigations.

PTI



First Published: Tuesday, August 16, 2011 - 12:00

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