Hasan Ali stashed $800 mn in foreign banks: ED - India

18 july 2011

Hasan Ali stashed $800 mn in foreign banks: ED

Mumbai: Hasan Ali Khan, arrested for alleged money laundering, has stashed $800 million in banks in countries like the U.S., Switzerland and Singapore and has links with officials of these banks, the Enforcement Directorate told the Bombay High Court on Monday.

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Justice A.M. Thipsay was hearing a bail application filed by Khan after a sessions court rejected his bail plea. The matter will be heard on July 26.
"Khan and his aide Kashinath Tapuriah have deep links with bank officials in the US, Switzerland, Singapore, UAE and other countries. These officials have assisted the duo in operating bank accounts and transfer of funds," the affidavit states.
Letters Rogatory have been issued to Switzerland, the U.S., the U.K., UAE, Singapore and Hong Kong for verification of bank accounts, the affidavit said, adding as of now only the U.S. has sent a reply.
"Reply to Letters Rogatory from the US confirms that an amount of USD 7,00,000 was transferred from Bank Sarasin, Switzerland to an account in New York operated by Khan," Additional Solicitor General Darius Khambatta, appearing for ED, argued.
Alleging that Khan has links with international arms dealer Adnan Khashoggi, Khambatta said, "In 2003, $300 million was apparently received by Khan from Khashoggi from weapon sales."
ED further stated that the accused have created a complex maze of structures and transactions to hide the true source of funds and frustrate the investigations.
"Investigations have revealed a conspiracy to commit offences against the security and safety of the country. Even the lower court while rejecting Khan's bail considered the seriousness of the offence and prima facie evidence against him," the affidavit states.