Australian media reports have disclosed that the Pune based stud firm owner Hasan Ali Khan, who stashed away thousands of crores of rupees as black money in Swiss Banks, is closely connected to Mr Ahsan Ali Syed, a Hyderabadi who bought the Racing Santander football club in Spain for a huge sum.

 

Khan holds an account in the Union Bank of Switzerland which also funded Mr Syed’s take over of the football club in Spain.

 

Khan told the interrogators of the Enforcement Directorate he held two accounts in both Union Bank of Switzerland (UBS) and Credit Suisse. Based on the confessions, the Indian heads of the two banks have been questioned by the ED already.

 

Australian media said that Credit Suisse has paid the victims of a Ponzi scheme that was floated by Mr Khan. A Ponzi scheme is a fraudulent investment operation that pays returns to investors, not from any actual profit earned by the organization but from their own money or money paid by subsequent investors.

 

Khan also reportedly confessed about his contacts with Saudi arms dealer, Mr Adnan Khashoggi, and Mr Syed is also said to have met Mr Khashoggi in 2000.