SC overturns Bombay High Court bail for Hasan Ali Khan

Pune-based businessman Hasan Ali Khan, whose name figures in possession of illegal money in foreign banks, will have to stay in jail as the Supreme Court has overturned the order passed by the Bombay High Court last month granting him bail in a money laundering case.

Giving a boost to renewed initiatives of the Enforcement Directorate (ED) to tighten the reins on Khan, a bench led by Justice Altamas Kabir allowed its appeal against the HC judgment that directed his release on furnishing cash surety of Rs5 lakh.

According to the key petitioner in the case before the SC, Ram Jethmalani, Khan, allegedly stashed $8 billion in Swiss banks. ED had told the court that Khan was also facing the charge of holding two forged passports. ED added that the government had sufficient evidence to prove that Khan had several foreign accounts and illegal money to the tune of over $93 million.

ED has sent a letter rogatory to several countries to obtain more information on his bank accounts. Khan owes Rs50,345.73 crore in taxes for income tax assessment in the year 2009-10. He and his associates will now have to pay Rs89,000 crore, government figures reveal.