Mumbai, August 12
Hasan Ali Khan, businessman and stud farm owner who was arrested for alleged money laundering earlier this year, was today granted bail by the Bombay High Court after the Enforcement Directorate failed to prove its case.

Setting bail at Rs 5 lakh to Khan, Judge AM Thipsay said the ED could not prove before the court that the funds in the possession of the accused were the proceeds of crime.

“There are no ingredients of proceeds of crime in the case made out by the Enforcement Directorate against Hasan. He deserves to be released on bail,” the court said.

Khan was arrested under the provisions of the Prevention of Money Laundering Act (PMLA). As per the provisions of the bail order, Khan will have to appear before ED everyday. He has been allowed to stay either in Mumbai or Pune.

Hasan Ali Khan was arrested in March for alleged involvement in multi-crore money laundering scam.