ED likely to pass order against Hasan Ali Khan in 2-3 months

Khan’s case under FEMA are currently being heard by the Special Director of ED who will be passing an order in the coming months,said a top ED official.

According to the ED official,the hearing in the case is currently going on. He said that documents are being verified and evidence is being checked. The ED is further planning an inquiry into Khan’s alleged links with international arms dealer Adnan Khashoggi.

Khan is facing four chargesheets from the ED,I-T department and Worli police in money laundering case,I-T department case and multiple passports case.

The ED is currently probing into Khan’s involvement in money laundering case under the Prevention of Money Laundering Act and FEMA. Khan is wanted by the ED for allegedly holding unaccounted money to the tune of US $8bn in his Swiss bank accounts and some undisclosed accounts in the UAE.

The ED,however,feels that it will take more time to complete the money laundering case as the probe needs to establish a crime to link with the alleged money laundering activities.

“It is suspected that these accounts with such huge deposits contained money originating from various international destinations and are proceeds of heinous crimes such as terrorism,arms trade,gun running,corruption and organised forgery,fraud and other crimes,” stated a confidential report filed by the ED.

While his houses (in Pune and Mumbai),horses (32) and vehicles (Mercs,Porsche and others) have been attached by the I-T department,the ED has issued a show-cause notice to him for alleged violations under FEMA amounting to US $8bn.

The Worli police have also lodged an FIR against him for allegedly possessing three passports.

If found guilty under FEMA,he would be forced to pay a penalty which couldbe two or three fold of the amount charged for and failure to pay the penalty could attract civil imprisonment.