The multi-agency investigation into stud-farm owner Hassan Ali Khan, who was raided in January, is focusing on his associates’ bank accounts.
Renni Abraham & Josy Joseph.
MUMBAI/NEW DELHI: The multi-agency investigation into the high-volume banking transactions of Pune-based stud-farm owner Hassan Ali Khan, who was raided by income-tax officers in January, is focusing on his associates’ bank accounts.
The exercise has been initiated to gather evidence of money laundering.
The ED has sought the assistance of the Securities and Exchange Board of India in the investigation, making it the fourth agency in the probe, along with the income-tax department and the Intelligence Bureau.
A report on the investigations of the I-T department, ED, and IB estimates that several thousand crore rupees were routed out of India through havala and banking channels.
The report says the monies were subsequently re-routed to India and ploughed into the stock markets.
An ED team led by MK Panda, special director and the agency’s number two, has returned from Switzerland where it managed to freeze eight accounts connected with the case.
But ED officers in Mumbai and New Delhi indicated that the figure of Rs35,000 crore, cited in some circles with respect to the case, was an exaggeration.
An ED officer in New Delhi said the rumour could have been set off by a scribble on a piece of paper recovered from one of Khan’s properties, which had an account number and the figure ‘$8 billion’ jotted on it. But the amount associated with the scam could still run into thousands of crores, he said.
Two months ago, I-T officers had recovered data pertaining to funds parked in various Swiss banks after carrying out raids on premises owned by Khan, two of his relations based in Pune and Hyderabad, and his Kolkata-based business associate Kashinath Thapariah.
The I-T department had forwarded to the ED documents pertaining to international banking transactions between Khan and his close associates. Details of several other international bank accounts of Indian nationals have also been shared.
Khan’s passport and travel details have also been handed over by the I-T department to the IB.
AK Sinha, spokesman for the Central Board for Direct Taxes, said in New Delhi that the investigations have not unearthed any politician’s account in foreign banks. But documents seized from Khan’s Pune residence indicated his association with fashion designers of reputation, as well as with some sportspersons.
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