Swiss bank UBS denies any dealings with Hasan Ali Khan

PTI Feb 16, 2011, 07.02pm IST

MUMBAI: Swiss banking powerhouse UBS today denied recent Indian media reports alleging that it maintains a business relationship with Hasan Ali Khan, the main accused in a USD 8-billion money laundering and tax evasion case.

"The documentation supposedly corroborating such allegations is false. UBS does not have accounts for, or any assets of Khan, and has no knowledge of any of the alleged transactions 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 the 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 fully satisfied that there was no basis for the allegations and it was established that 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 the cases involving a USD 8 billion (around 37,000-crore) money laundering, and tax evasion.