Mumbai, Feb 19: Hasan Ali Khan, the black money kingpin who holds the key to several other details regarding foreign money stashed abroad, has been penalised by the Income Tax Department. A penalty of Rs 40,000 crore has been slapped on the businessman on charges of tax evasion and money laundering.
He is accused of not complying with Indian tax regulations and evading the payment of the same by putting away millions of dollars of black money in UBS, Singapore through hawala channels. He was earlier summoned by the Income Tax Department after they winded their investigations on his role in the multi-million dollar evasion. Hasan Ali owns a stud farm in Mumbai.
Hasan Ali has been blatantly evading Indian tax rules for the last couple of years and the Tax Department had to conduct a detailed investigation in order to get to the root of the black money trail. The probe revealed that he owed the IT Department Rs 40,000 crore. The Government has filed an affidavit in this regard against Hasan.
The Supreme Court had earlier questioned the Centre, the Reserve Bank of India (RBI) and three other organisations on what actions they have put in place to bring back the money that has been stashed abroad. The apex body also issued notices to the Director of Enforcement, the Board of Direct Taxes and the Securities Exchange Board of India (SEBI).