The Enforcement Directorate (ED) has issued a 'look out' circular against Pune-based real estate consultant and stud farm owner Hasan Ali Khan, who is accused of stashing black money abroad.
The notice was issued today to prevent Khan's escape from the country. Hasan Ali Khan is alleged to have stashed away over $8 billion in an account in a bank in Zurich.
There are allegations against Khan of money laundering, hawala operation, allegedly transferring cash and valuable assets outside the country by unlawful means with the help of foreign nationals and forgery.
According to sources, Khan allegedly has connections with the Saudi Arabian arms dealer Adnan Khashoggi, who in turn is linked to global terror networks.
The income tax (I-T) department, Mumbai had issued a show-cause notice to Khan in 2008 over alleged huge tax evasion following undisclosed funds in foreign banks, including in Zurich.
Prior to this, the I-T officials had raided Khan's residence in Pune in 2007 and seized important documents, which revealed Khan's evading tax and keeping money in tax havens.
This is one of the biggest tax evasion case in India. According to I-T sources, Khan has 15 days to reply to a I-T notice, which ends on March 7.