The action against Ali and his associates comes after a lull of almost six-years when he was first booked by the agency in 2011. Ali was also arrested in March 2011 on charges of anti-money laundering charges. He came out on bail in August, 2015.
The Enforcement Directorate (ED), on Thursday, raided four locations in Mumbai in connection with a money laundering investigation against Pune-based stud-farm owner Hasan Ali Khan. The agency had booked 62-year-old Khan and some of his associates under sections of the Prevention of Money Laundering Act (PMLA) .
The action against Ali and his associates comes after a lull of almost six-years when he was first booked by the agency in 2011. Ali was also arrested in March 2011 on charges of anti-money laundering charges. He came out on bail in August, 2015.
Earlier this year, the CBI had registered a case against Hasan on charges of criminal conspiracy and corruption and interrogated him in a case of financial irregularity in Pune. “In an alleged collusion with the income tax officials, Khan had lowered the value of his illegal assets and wealth ” a CBI official said.
Khan, who also deals in scrap material, owes a tax of Rs 1.65 thosand crore — a staggering debt that is the largest recovery amount case in Indian tax history.
According to the 16th report of the Standing Committee of Finance presented before the Lok Sabha on July 31, Khan owes Rs 1,65,665 crore as tax arrears. This is more than three times owed by share market scamsters — Harshad Mehta, Ketan Parikh and BC Dalal — who together have tax arrears of Rs 40,986 crore. The four, whose cases are pending in different courts, together owe over Rs 2 lakh crore.
Alarmed by the rapid rise in tax arrears, the committee observed, “Recovery on these cases by operation of income tax alone is not possible.” Besides, even assets of these scamsters do not tally with what they owe to the tax department.
Khan's tax liabilities amount to 25% of the total direct tax arrears of Rs 6.74 lakh crore.
The IT department had raised a demand of Rs70,000 crore against the Hasan Ali group in 2007 on the basis of three transactions with the UBS bank.
Khan, the son of an excise official, made headlines in December 2006 when the Mumbai IT investigation wing raided several Khan's premises, including Kolkata, on suspicion of a huge money laundering racket.
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