NEW DELHI, Dec. 6 (UPI) -- For the first time, India's finance minister has confirmed suspicions that funds connected to terrorists were flowing into the stock market.

Finance Minister P. Chidambaram has confirmed the warnings first revealed by Indian national security adviser M.K. Narayanan. Additionally, Chidambaram acknowledged the Indian government was tracking at least one case of suspected terrorist-linked money, the Times of India reported.

"Yes, recently one case has come to our notice," Chidambaram said in a statement. "It is suspected that it may be linked to a person under watch. I cannot divulge further details."

Chidambaram had until the announcement Tuesday dismissed reports of terror funds in the Indian stock market.

"Sources said intelligence agencies were currently investigating the links of the Saudi billionaire in India as well as his networks and investments abroad. However, so far, the agencies have not met with much success to nail the tycoon with interests in a leading satellite phone company," the newspaper reported.

Some critics have argued the unnamed Saudi businessman allegedly has links with Osama bin Laden.