Hasan Ali Khan
Hasan Ali Khan | |
|---|---|
| Born | circa 1951 |
| Died | February 23, 2023 (aged 72) Hyderabad, India |
| Occupation | Entrepreneur |
Hasan Ali Khan (circa 1951 – 23 February 2023) was an Indian entrepreneur who came under investigation in 2007 for alleged money laundering. It was claimed that he maintained a Swiss bank account containing $8 billion, which was purportedly hidden through hawala dealings involving Kashinath Tapuriah from Kolkata and Praveen Kumar based in Delhi.
In January 2011, Finance Minister Pranab Mukherjee announced that the Swiss accounts linked to Hasan Ali had been depleted. By December 2012, the parliamentary Standing Committee was informed by the Finance Ministry that recovering his outstanding tax dues, estimated at around ₹910 billion, was not achievable.
As of October 2013, Hasan Ali continued to be incarcerated after several bail requests were denied by various judicial bodies including the Bombay High Court and the Supreme Court of India. He consistently refuted all accusations, asserting he did not possess any Swiss bank accounts and insinuating that competitors could be responsible for the allegations.
Legal cases
In March 2007, officials from India's Enforcement Directorate (ED) and Income Tax Department conducted raids on Hasan Ali's properties following suspicions of hawala transactions. His defense counsel rejected these accusations, alleging they were motivated by business rivals and maintained that Khan had no Swiss bank accounts.
The Supreme Court of India raised concerns regarding the lack of interrogation of Khan and others despite available evidence, which led to his arrest by the ED in March 2011. Subsequently, in May 2011, the ED filed a formal chargesheet against Khan and his associate Kashinath Tapuriah under the Prevention of Money Laundering Act. The ED accused Khan of repeatedly laundering funds for international arms dealer Adnan Khashoggi, an allegation Khan denied.
Khan was purportedly used as a front by Khashoggi to launder approximately US$300 million through UBS’s Zurich branch in 2003. Due to Khashoggi’s notoriety leading UBS to sever ties with him, Khan allegedly facilitated laundering money held in American accounts via UBS Geneva; however, one such account was frozen after being linked to proceeds from arms sales.
India Today reported confirmation of an $8 billion illicit fund in a UBS Swiss bank account associated with Khan, a claim also acknowledged by the Indian government. Contrarily, UBS refuted any business relations or accounts held by Khan, labeling related documents as forged and media reports as inaccurate.
Subsequent reports indicated that law enforcement agencies possessed limited proof supporting the allegations against Khan, with UBS Zurich denying any transactions involving him. The Indian government pursued banking information through its diplomatic mission in Bern. During interrogation sessions, Hasan Ali implicated Praful Patel and had social connections with Congress leader Jagdish Tytler, former Samajwadi Party figure and actress Jaya Prada, ex-Andhra Pradesh Chief Minister Vijay Bhaskar Reddy, and film financier Yusuf Lakdawala.
Hasan Ali passed away in Hyderabad on 23 February 2023 at age 71; no trial concerning the charges had started prior to his death.