Author:
Publication: India Today
Date: February 7, 2011
Key extracts from the ED's Case Information
Report filed in January 2007 which was attached with each of the Letters Rogatory
From the report received from the Additional
Director of Income Tax, Mumbai, it is clear that though returns of income
or returns of net wealth were not filed by Shri Hassan Ali Khan, Smt Rheema
Khan, Shri Faizal Abbas, etc, their involvement in more than $8 billion of
laundered money is clear, stashed away in UBS, Zurich, as confirmed by the
confirmation letter dated 8.12.2006, of the said bank, permitting withdrawal
$6 billion.
The increase in deposits maintained in UBS,
Zurich, shows an exceptionally high increase of more than $1.38 billion in
less than four months ($6.6 billion in 31.8.2006 to $8.04 billion on 8.12.2006).
There are evidences of purchase of high-value
properties-flats in Anand Darshan, Peddar Road in Mumbai, and Valentine Society,
Koregaon Park in Pune, worth crores of rupees, for which payments were purportedly
made in cash.
Acquiring fleet of cars worth crores of rupees-two
Mercedes, a Porsche, a Hyundai Sonata, an Opel Astra, a Skoda-for which payments
are alleged made in cash.
Purchase of more than 15-20 horses worth several
lakhs of rupees, for which payments are made in cash.
Recovery of huge cash and wellery worth crores
of rupees during the search by the Income Tax Department.
As consultants of Boeing Commercial Airplane
Co, Seattle, USA, the amount of $11.50 million -earned as commissions from
sales of two Boeing 747 aircraft for $230 million to Air India during 1986-87
-was not repatriated to India by RM Investments & Trading Co, owned by
Kashinath Tapuriah. The balance was held in offshore accounts in New York,
Dubai, Zurich, Singapore and London at the behest of Tapuriah and Faizal Abbas
in the following accounts:
a) 0835-357902-3, Credit Suisse First Boston,
Zurich.
b) 713169 AC, Union Bancaire Privee, Zurich.
c) 08067027, Credit Lyonnais, Bahnhofstrasse,
Zurich.
d) ZK 111 AS 1, Union Bank of Switzerland,
Zurich.
An agreement signed in Dubai shows the accused,
Hassan Ali Khan and Kashinath Tapuriah, were involved in diverse business
operations on a 50:50 basis.
Hassan Ali Khan's transactions involve serious
violations of Indian banking laws. His business operations had a criminal
intent of stashing unaccounted assets abroad, i.e., in Switzerland, a tax
haven.
It is clear that there are huge foreign funds
at the disposal of Hassan Ali Khan in different bank accounts in Switzerland
and other places across the world and he continues to operate these accounts.
The unholy nexus of this huge amount of illegal
money generated with subversive activities and terrorism needs a deep probe.
