Mumbai: The Enforcement Directorate (ED) has issued a show cause notice to Pune stud farm owner Hasan Ali Khan for allegedly acquiring Rs 36,000 crore illegally.
The notice has been issued under the Foreign Exchange Management Act (FEMA) to Hasan Ali Khan, who is presently in judicial custody in connection with a fake passport case.
The notice signed by ED's special director K Nageshwar Rao, was delivered at Khan's Pune and Pedder Road residence in south Mumbai separately.
In 2007,the Income Tax (IT) department had raided Khans residence after which it was revealed that he was operating a bank account in UBS, Zurich with a sum of USD 8,000.45 million.
The ED had traced Khan's alleged transaction with one arms dealer Adnan Kashoggi.
Under FEMA, the maximum penalty imposed for the offence can be three times the amount involved. If imposed in this case, it would amount to a whopping Rs 1.08 lakh crore.
