Hasan Ali biggest tax defaulter with Rs 50,000 cr as tax dues
This is the latest example of how banks in low tax regime countries use feeble technical reasons to blunt a foreign government's investigation into the accounts of unscrupulous elements who have stashed away huge amounts in violation of laws.
Ever since the I-T authorities raided Khan's premises in 2007, it has been speculated that the money allegedly deposited by him in Swiss Banks belonged to politicians and industrialists and that Khan was only a conduit who facilitated the transfer of the money from India, apparently on a commission basis.
Nonetheless, Khan has been declared as the highest tax defaulter in India with dues allegedly amounting to over Rs 50,000 crore. The government, replying to a query in Rajya Sabha in August last, declared that the tax dues , including interest for belated payments, exceeded Rs 70,000 crore.
The enforcement directorate, the agency under the finance ministry which exclusively deals with violations of foreign exchange regulations, had issued a letter rogatory in 2007. The Swiss authorities, after examining the documents submitted to them, had reportedly told the ED that the papers seized from Hasan Ali Khan's residence and premises, were forged. The enforcement authorities, however, did not pursue the matter.
Ever since the I-T authorities raided Khan's premises in 2007, it has been speculated that the money allegedly deposited by him in Swiss Banks belonged to politicians and industrialists and that Khan was only a conduit who facilitated the transfer of the money from India, apparently on a commission basis.
Nonetheless, Khan has been declared as the highest tax defaulter in India with dues allegedly amounting to over Rs 50,000 crore. The government, replying to a query in Rajya Sabha in August last, declared that the tax dues , including interest for belated payments, exceeded Rs 70,000 crore.
The enforcement directorate, the agency under the finance ministry which exclusively deals with violations of foreign exchange regulations, had issued a letter rogatory in 2007. The Swiss authorities, after examining the documents submitted to them, had reportedly told the ED that the papers seized from Hasan Ali Khan's residence and premises, were forged. The enforcement authorities, however, did not pursue the matter.
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