After weeks of deliberations, the Enforcement Directorate has registered a case under the Prevention of Money Laundering Act (PMLA) against Pune-based stud farm owner Hasan Ali Khan and issued Letters Rogatory to four countries.
Khan's case had left investigating agencies in a quandary as to how to frame a case against him regarding alleged charges of stashing crores of rupees in his Swiss bank account.
The Enforcement Directorate, while registering a case under the Foreign Exchange Management Act, booked Khan under the PMLA and began investigations, official sources said in New Delhi on Monday.
The investigating agencies had recovered on Khan's computer letters purportedly from the Zurich branch of the United Bank of Switzerland (UBS) which showed the deposit there of between Rs. 36,000 crore and Rs. 42,000 crore (eight to nine billion dollars).
Since the letters and some other communications from the UBS found in the computer needed to be corroborated by "direct evidence", including a confirmation from the Swiss bank, the ED also got Letters Rogatory issued to four countries, including Switzerland and Singapore.
The plea made by the Enforcement Directorate to these countries was that the money was "tainted and could be the proceeds of crime", the sources said.
Khan has denied that he had any Swiss bank account and claimed that some of his rivals could be behind the charges against him.