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Once termed as the biggest money launderer of India, Hasan Ali Khan has seen his tax liability shrink sensationally from Rs 37,000 crore to a mere Rs 3 crore in a short span of time, but is facing yet another onslaught over his assets from the Enforcement Directorate – in April, this year, the Indian Express had reported that his tax assessment was decided at that much smaller sum, which is 11,000 times less than its earlier claim. The Enforcement Directorate, which is now looking to attach his residence, has sent him a notice recently. (Express Photo) <a href="https://twitter.com/FinancialXpress" target="_blank">For more business news and analyses, follow us @FinancialXpress </a>
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Among the worse aspects of his travails has been having to spend four-and-half years in jail before being released towards the end of 2015. The latest setback over his house in Koregaon Park where Khan currently stays with his wife and son, has made him say, “I will be homeless if the ED attaches my home. Family and friends have boycotted me and bank accounts have been frozen since 10 years. If this goes on, I will die of my illnesses which have worsened due to stress.” (Express Photo) <a href="https://twitter.com/FinancialXpress" target="_blank">For more business news and analyses, follow us @FinancialXpress </a>
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Hasan Ali has been an accused in one of the biggest alleged tax evasion cases to come to light in India, of laundering $ 8 bn. The case, which goes back to 2007 showed that between 2001-02 and 2007-08 his income was quoted as Rs 1.10 lakh crore and his tax liability was appraised at Rs 34,000 crore. He was also accused of having links with then one of the most controversial global arms dealer Adnan Khashoggi. (Express Photo)
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Hasan Ali Khan added, “I have nowhere to go if the ED takes possession of my residential property. I shall be on the road along with my wife and son. Their first raid was on Jan 2007 and till date, they have not established any prima facie case against me.” (Express Photo) <a href="https://twitter.com/FinancialXpress" target="_blank">For more business news and analyses, follow us @FinancialXpress </a>
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According to his lawyer, Prashant Patil, “This is the first case wherein a notice for possession of residential property has been issued after a delay of more than four-and-a-half years. Due process of law under the scheme of Prevention of Money Laundering Act has not been followed. (Express Photo)
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This is done out of vendetta because my client had filed a letter to ED Mumbai Office on first week of May pointing out certain important documents to show that there can be no prima facie case against him and requested the ED which is carrying out further investigation since 2011 to file the set of documents before the Special Court for PMLA at Mumbai. However, the ED instead of providing a fair investigation, preferred to further harass him by sending notice of possession of his residential property. There is no such order of any tribunal or any special court.” (Express Photo) <a href="https://twitter.com/FinancialXpress" target="_blank">For more business news and analyses, follow us @FinancialXpress </a>
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