Scrap dealer indeed!
On Thursday, March 17, 2011 the Supreme Court cancelled the bail granted by a Mumbai court to Hasan Ali Khan. The Enforcement Directorate was given custody of Khan for four days (to be extended by another three days later). A few hours later, he turned himself in.
Khan, who claims to be a scrap dealer with an annual income of Rs 30 lakh and a passion for thoroughbred horses, is under investigation for violations of the Income Tax Act, Prevention of Money Laundering Act, Foreign Exchange Management Act and Passport Act.
The income tax department alleges that he has over $8 billion in an overseas bank account, on which he needs to pay income tax of Rs 71,845 crore.
The other charges against Khan include having three passports made (one each in Hyderabad, Patna and Mumbai), receiving kickbacks for an aircraft deal, endangering national security and money laundering.
Text: Santosh Tiwari, Sanjay Jog & Hrishikesh Joshi - Business Standard