The Bombay High Court has rejected the bail plea of Pune-based businessman Hasan Ali Khan, who is facing charges of money-laundering and stashing away of black money in banks abroad.

Justice R.C. Chavan on Wednesday rejected the bail plea after the Enforcement Directorate (ED) argued that he could tamper with the evidence if set free.

Mr. Khan, accused of stashing away $8 million in Swiss banks, was arrested in 2011. The Supreme Court rejected his bail plea in January 2012 and his another bail plea was rejected by a special court under the Prevention of Money Laundering Act (PMLA).

His lawyer argued in the High Court that the charge sheet against him had not yet been filed and hence he should be given bail. It was also argued that the material before the court did not substantiate the allegations. There are allegations that Mr. Khan possesses five passports in different names and is suspected to have laundered money of international arms dealer Adnan Khashoggi.

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