Mumbai: Hasan Ali Khan, who is alleged to have stashed away over USD 8 billion in Swiss banks, is likely to appear before the Enforcement Directorate (ED) on March 7.

The agency recently sent a notice to Khan, who is under investigation for money laundering.

Pune-based real estate consultant and stud farm owner Hasan Ali Khan had appeared before I-T authorities on February 18 in connection with charges of tax evasions following undisclosed funds in several foreign bank accounts, including USD 8 billion in an account in the Zurich branch of UBS.

However, UBS had denied any business relationship with Khan.

Tax enforcement agencies are now trying to locate properties of Khan abroad which could be attached or auctioned to extract from him a huge tax liability to the tune of Rs 40,000 crore.

Earlier, in January 2007, the I-T department had raided Khan's residence at Koregaon Park in Pune and had seized documents that showed that he had USD 8.04 billion in a UBS account in Zurich.

The raid followed a revelation that Khan had allegedly concealed his income and not filed income tax returns since 1999. The department had also raided his properties in Mumbai and Hyderabad.

(Agencies)