UBS denies link with Hasan Ali Khan

Swiss banking powerhouse UBS today denied recent media reports alleging that it had maintained a business relationship with Hasan Ali Khan, the main accused in a $8-billion (around 37,000-crore) money laundering and tax evasion case.

“The documentation supposedly corroborating such allegations is false. UBS does not have accounts for, or any asset of Khan, and has no knowledge of any alleged transaction referred to in the recent media reports,” the bank said in a statement issued here today. On February 11, the Supreme Court had asked the Centre to ensure that Khan did not leave the country in connection with the black money case.

The bank also claimed that in January 2007, following a request for information from Indian authorities, UBS had informed the Swiss justice department that documents purporting to be from UBS, and suggesting that Khan was holding assets with it, were forged. Following investigation, the Swiss justice department and federal banking commission were satisfied that there was no basis for the allegations. It was also established that the documents were forged, the statement claimed.

In January 2009, the Mumbai income tax department had issued notices to Hasan Ali Khan, a Pune-based real estate consultant and stud farm owner, who is the prime accused in cases involving $8 billion money laundering and tax evasion.