New Delhi:
Hasan Ali, the man believed to have 8 billion dollars in black money in foreign bank accounts, cannot be granted bail, ruled the Supreme Court today. The court has granted the Enforcement Directorate custody of Mr Ali for four days. (Read: Who is Hasan Ali?)
Last week, a court in Mumbai had said that because the Enforcement Directorate had failed to provide any evidence of charges of money-laundering against Mr Ali, the entrepreneur could not be kept in custody. That decision, according to the Supreme Court, "frustrated the investigation" against Mr Ali.
The Enforcement Directorate had argued in Mumbai that it needed to question Mr Ali under arrest to question him about violating foreign exchange laws, money laundering, and about a possible link to international arms dealer Adnan Khashoggi.
The Supreme Court had earlier this month suggested that Mr Ali be tried on terror charges because his activities seemed to involve a threat to "national security."
Mr Ali was arrested earlier this month and moved to Mumbai from Pune, where he is known for his lavish cars, homes, horses and parties.
He has been asked to pay Rs 70,000 crore as a penalty for tax evasion. His lawyer claims that Mr Ali is innocent of all the charges against him.
The Supreme Court has referred repeatedly to the government's inaction against Mr Ali in the context of a case that it is hearing on black money. The Public Interest Litigation (PIL) filed by former Law Minister Ram Jethmalani among others asks the government to recover crores of unaccounted-for money that has been stashed in foreign banks by Indians.
Last week, a court in Mumbai had said that because the Enforcement Directorate had failed to provide any evidence of charges of money-laundering against Mr Ali, the entrepreneur could not be kept in custody. That decision, according to the Supreme Court, "frustrated the investigation" against Mr Ali.
The Enforcement Directorate had argued in Mumbai that it needed to question Mr Ali under arrest to question him about violating foreign exchange laws, money laundering, and about a possible link to international arms dealer Adnan Khashoggi.
The Supreme Court had earlier this month suggested that Mr Ali be tried on terror charges because his activities seemed to involve a threat to "national security."
Mr Ali was arrested earlier this month and moved to Mumbai from Pune, where he is known for his lavish cars, homes, horses and parties.
He has been asked to pay Rs 70,000 crore as a penalty for tax evasion. His lawyer claims that Mr Ali is innocent of all the charges against him.
The Supreme Court has referred repeatedly to the government's inaction against Mr Ali in the context of a case that it is hearing on black money. The Public Interest Litigation (PIL) filed by former Law Minister Ram Jethmalani among others asks the government to recover crores of unaccounted-for money that has been stashed in foreign banks by Indians.
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