Mumbai, Aug.12 (ANI): The Bombay High Court has granted bail to stud farm owner Hasan Ali Khan, on a cash surety of Rs. 5 lakh.
Ali, 58, who allegedly has eight billion dollars stashed in Swiss banks, has been accused of money laundering.
The court has said that Ali cannot leave Mumbai, has to present his passport and be available for further questioning by the Enforcement Directorate (ED) and the Income Tax (I-T) Department.
According to television reports, Ali collapsed in court after hearing the order.
Ali's money trail first emerged in 2008, when the I-T department told the Bombay High Court about his tax evasion. His Swiss accounts were revealed during a raid.
Ali's is a classic case of rags to riches story.
Till the late 1990s, Ali, and his wife Mehbooba Khan and their two sons, lived in Banjara Hills - one of the most expensive addresses in Hyderabad.
Between 1990 and 1992, he was an accused in six cheating cases and his detractors called him "Chor Hasan".
By 2000, he had moved to Pune and was known mostly in racing circles as Hyderabad ka Ghodawala, a middle-rung horse breeder.
Income tax raids,however, revealed that he was a hawala operator with operations across many cities, and bank accounts and properties in Hyderabad, Pune, Mumbai and Delhi. (ANI)
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