08 Mar '11, 1pm

Indian stud farm owner in court for US$8b tax fraud - Straits Times

Indian stud farm owner in court for US$8b tax fraud - Straits Times

Hasan Ali Khan, who says he earns a modest salary as a scrap metal merchant and denies any wrongdoing, was arrested late on Monday on charges of money laundering. -- PHOTO: REUTERS NEW DELHI - A HIGH-ROLLING stud farm owner accused of illegally stashing billions of dollars in overseas accounts appeared in a Mumbai court on Tuesday in a case seen as symbolising India's struggle against rampant tax evasion. Hasan Ali Khan, who says he earns a modest salary as a scrap metal merchant and denies any wrongdoing, was arrested late on Monday on charges of money laundering, India's tax agency told Reuters. His arrest, spearheaded by an assertive Supreme Court, comes as the government is under increased pressure to clamp down on graft, with the accusations against Khan underscoring a failure to curb an estimated US$16 billion (S$20 billion) a year in tax evasion. India's highest cou...

Full article: http://www.straitstimes.com/BreakingNews/Asia/Story/STISt...

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