Mumbai Mayhem: India fumbles on black-money trail, Swiss cry foul

RED ALERT: According to cops, stud-farm owner Hasan Ali Khan is allegedly worth $8-9 bn. Courtesy CNN-IBN
CNN-IBN Mon, May 11, 2009 at 21:12, Updated on Tue, May 12, 2009 at 17:55
New Delhi: The Central Government seems to have goofed up in its efforts to trace unaccounted Indian wealth in Swiss banks.

The case in point being that of notorious stud farm owner Hasan Ali Khan, accused of stashing away nearly $6 billion in Swiss banks – this according to the Finance Ministry that had mentioned his name to the Supreme Court as one of three Indians who has billions abroad.

Spokesperson of Ministry of Justice, Switzerland, Falco Galli, told CNN-IBN that documents submitted by the government in 2007 in connection with the case were forged. Galli says the Swiss government had asked India to provide the right documents and a confirmation that the case against Khan is a criminal one.

In March 2007, the Indian embassy did submit more documents but the Swiss government says even they did not meet the necessary 'specifications'. In the last two years, there has been no communication from the Indian government, says the Swiss government spokesperson.

Stud-farm owner Hasan Ali Khan is allegedly worth $8-9 billion, according to the police in India. He has parked most of his money in banks in Switzerland through money-laundering. Khan, a resident of Pune, has been in hiding for about a year now. The BJP has jumped at the Swiss government's accusation and is now demanding an explanation from the UPA.

BJP Spokesperson Siddharth Nath Singh said, "This issue had been raised by L K Advani earlier. These are very serious allegations and the government needs to come out clean on the issue. Galli has proof and Congress needs to tell the country if Galli is right or wrong, but the Congress in incapable of getting back any of the money stashed away in foreign banks."

The story first appeared in Hardnews magazine and was followed up by CNN-IBN.
India fumbles on black-money trail, Swiss cry foul

Comments: If wings of all money launderers, hawala operators, smugglers and black money generators are clipped, terrorism will be obliterated from Indian soil. Terrorism must be fought from all angles most importantly drying up money channelling and resources. Jawans will not bleed to death daily fighting the terrorists.