Will the Rs 36,000 cr return to India?

Updated on: 08 March,2011 07:11 AM IST |
J Dey |

For over two years, ED officials were unable to establish whether Hasan Ali Khan is really worth Rs 36,000 crore.

For over two years, ED officials were unable to establish whether Hasan Ali Khan is really worth Rs 36,000 crore.

Hasan Ali Khan is an enigma for ED's financial investigators. On paper about US$ 8 billion is to be recovered from alleged defaulter, but in reality they can prove very little.

ED and this newspaper are in possession of hundreds of documents where trail of tens of thousands of crores have changed hands between Ali and associates with the help of overseas bankers.

In almost all the cases the associates have managed to wipe their tracks and pleaded ignorance about the source of the funds.

Swiss miss?

Based on a complaint dated December 22, 2008 ED officials have charged Ali for dealing, acquiring and holding the amount of foreign exchange to the tune of $8 billion lying in a Swiss bank.

The Supreme Court's reprimand on Ali's case has thrown ED sleuths into a huddle as they were struggling to put the jig-saw puzzle together before an estimated Rs 36,000 crore can be re-routed back to the country.

Ali is aware that adjudication proceeding is a time-consuming process and it may be years before he may be brought to book for the alleged violations.