Following its investigations against Khan and Tapuria under the Prevention of Money Laundering Act (PMLA), the ED on Thursday issued an order which sets into motion the process of confiscating properties of the duo.
In a major development, the enforcement directorate (ED) on Thursday started the process of attaching properties worth approximately Rs50 crore belonging to Pune businessman Hasan Ali Khan and his Kolkata businessman-friend Kashinath Tapuria. The ED is investigating Khan and Tapuria for alleged tax evasion worth crores of rupees and under charges of money laundering.
Following its investigations against Khan and Tapuria under the Prevention of Money Laundering Act (PMLA), the ED on Thursday issued an order which sets into motion the process of confiscating properties of the duo. ED officials on Thursday confiscated Khan’s properties in Pune and Mumbai and Tapuria’s property in Delhi.
According to the ED, Khan’s 10,000 sq ft bungalow in Pune and his plush apartment in Peddar Road area have been attached. Khan’s fleet of ultra expensive and luxurious cars has also been confiscated. Tapuria’s sprawling property, which has been confiscated, is situated in the high-profile Prithviraj Road area.
Sources in ED said that in the near future more attachments of properties of the duo will take place.
According to the ED, under the PMLA, the process of confiscating the property begins by first attaching the properties. This means, the owners then cannot sell or give the property on rent.
Once this is done, then the actual process of confiscation begins and eventually the property’s ownership comes under the government of India.
Khan and Tapuria, who were arrested by the ED earlier this year, are lodged at the Arthur Road Jail under judicial custody.
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