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I-T has proof of Hasan Ali’s Swiss bank account

Information has been received that Hasan Ali transferred $700,000 from Bank Sarasin to Citibank in New York.

Written by Amitav Ranjan | New Delhi |
February 19, 2011 3:05:38 am

The Income Tax Department has firm evidence that alleged stud-farm owner Hasan Ali Khan parked his money in Basel-based Bank Sarasin & Co and plans to approach the Swiss Federal Office of Justice for more bank details.

“Information has been received that Hasan Ali transferred $700,000 from Bank Sarasin to Citibank in New York from which it was moved to Barclays in the UK,” said an official. Hasan Ali’s transaction is dated 2005 but came to notice as the US authorities are checking the past movement of monies that cross the prescribed $10,000-limit.

“We will be approaching the Swiss authorities for more details under the International Mutual Legal Assistance,” said the official as repeated letter rogatories to the Swiss authorities have failed to elicit any response. Swiss law does not consider non-filing and non-payment of income tax as a criminal offence.

The Swiss have refused almost half-a-dozen LRs,saying details can only be provided for a criminal offence. However,the Federal Office has the authority to receive,decide upon admissibility,and to delegate the federal or cantonal government to execute such requests for mutual legal assistance.

The Enforcement Directorate,too,cannot book the transaction under the Prevention of Money Laundering Act as it is not a predicate offence which establishes crime money.

The I-T department on Friday imposed a Rs 40,000-crore penalty on Pune-based Hasan,a main accused in the multi-million dollar tax evasion and money laundering case,after he appeared before the department in Mumbai.

The government,in an affidavit,named Hasan Ali after the IT demanded Rs 40,000 crore as income tax dues from him. According to the government,he has stashed away millions of dollars of black money through hawala channels.

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