Pune-based businessman Hasan Ali Khan, arrested for allegedly stashing huge amounts of money in foreign banks, has purchased several properties through dubious transactions in order to hide the source of the funds, investigations by the Enforcement Directorate (ED) have revealed.
The ED, which is investigating the multi-million dollar money laundering scam, has filed an affidavit in reply to Khan’s bail application before the Bombay high court.
“Properties (both movable and immovable) worth about Rs 16.5 crore were attached on June 30,” the affidavit states, adding, “Investigations revealed Khan had arranged for cheques to be issued in lieu of cash given by him to several persons so as to not disclose the true nature of transactions.”
The ED has further claimed that a property at Peddar Road in the city purchased in the name of Khan's wife Rheema in 2003 was through a loan arranged by a finance company Dhanshri Fin Caps Ltd. “The loan for Rs 1.40 crore was arranged after Khan paid the company in cash so as to camouflage the true source of funds,” the affidavit alleged.
According to ED, several transactions shown as payment through loans or cheques were actually in lieu of cash already given by Khan.
“Khan does not have any known source of income to fund the above cash transactions for purchase of property and hence further investigation needs to be done so as to find out the source of funds,” the affidavit stated.
Khan’s counsel IA Bagaria, however, refuted all the allegations and maintained that Khan had not committed any offence.
“There is no money in any foreign bank accounts,” the lawyer claimed.A single judge bench of justice Abhay Thipsay will hear Khan’s bail plea on Wednesday.