Black money: Hasan Ali?s custody extended

A Mumbai court on Monday extended the judicial custody of India?s alleged biggest tax evader Hasan Ali Khan till May 11.

Ali?s bail plea hearing is set for May 13.

Meanwhile, media reports on Saturday said Ali admitted to the Enforcement Directorate (ED) to creating a maze of transactions to hide illicit funds and stash them in offshore accounts.

Reports based on a copy of the chargesheet said that Ali sold diamonds belonging to Nizam Jewelery and routed the sale proceeds through his account in Bank Saarasin to the Barclays Bank.

Dubbed India?s biggest tax evader, Ali, was arrested on Mar 7 after he was taken by the Enforcement Directorate for interrogation. He is believed to have over 8 billion dollars in illicit funds stashed away in offshore accounts.

Ali has been asked to pay Rs 70,000 crore as penalty for evading tax, but his lawyer claims the Pune-based stud farm owner, known for his lavish cars, homes, horses and parties, is innocent.