Hasan Ali to appear before ED on March 7

Ali reportedly has over $8 billion in Swiss bank accounts

PTI | March 4, 2011



Pune-based real estate consultant and stud farm owner Hasan Ali Khan, who is alleged to have stashed away over USD 8 billion in Swiss banks, is likely to appear before the enforcement directorate on March 7, sources said today.

The agency 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.

Khan had appeared before I-T authorities here on February 18 apparently in connection with notices issued to him on December 31, 2008, over alleged huge tax evasions following undisclosed funds in several foreign bank accounts, including USD 8 billion in an account in the Zurich branch of UBS.

However, UBS had denied any business relationship with Khan.

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.

The raid followed a revelation 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.

Comments

 

Other News

Railways imposed ₹5.13 crore fine for food quality and hygiene violations

Indian Railways serve about 58 crore meals every year on an average. About only 0.0008% food quality related complaints are received on average. Based on complaints during the last three years, appropriate penal actions have been taken by IRCTC. Such actions include imposition of fines amounting to ₹5.13

STHAVAR: Why every Indian built asset needs a permanent digital identity

India has built digital systems for identity, payments, taxation, documents, logistics and public services. State governments, ministries, infrastructure agencies and urban local bodies have also created portals for land records, building permissions, project monitoring, property taxation and municipal s

Saksham Skill census identifies 22,000 job-ready candidates in one Mumbai ward

A first-of-its-kind AI-enabled skill census conducted in Mumbai`s H-West Ward has identified a potential livelihood pipeline of nearly 22,000 candidates, generated over 32,000 provisional job matches while revealing that 71.2 per cent of surveyed homemakers are willing to join the workforce, according to

GI tags: Scaling traditional wealth into global brands

Geographical Indication (GI) tags have emerged as a powerful tool for protecting India`s cultural heritage, while creating economic opportunities for local communities. By linking products to their place of origin, GI tags preserve traditional knowledge, prevent misuse, and enhance consumer trust. They h

BMC: 207 officials in ACB net, 112 still on duty, 68 retire before justice catches up

There are significant delays in the handling of corruption cases involving officials of the Brihanmumbai Municipal Corporation (BMC), a Right to Information (RTI) response obtained by rights activist Jeetendra Ghadge has revealed. As of 30 April 2026, 207 BMC officials face Anti-Corruption Bureau (A

The transformation trap: Why efficiency is not innovation

Every company is transforming, or so it claims.   There was a time when the word ‘transformation’ carried weight. It signified bold strategic shifts, reinvention of business models, and breakthrough technologies that fundamentally changed how organizations created

Upcoming Conferences



-->

Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter