Addressing a news conference, he said he was being made a "sacrificial goat" and there was a "threat to his life".
The Ballimaran MLA did not take any question and left more questions than answers over his sudden removal.
"I was more surprised than anyone else. I came to know about my removal two hours after it was done. I was in a place for around two-and-a-half hours whose details I will give you later. I was cut off from the outside world as my mobile was switched off," the former Environment, Food and Supplies Minister said.
"Who is the other voice? The mediator was no builder or a mediator. He is Shakeel Malik, AAP's co-convenor of Uttar Pradesh, and Director of the Delhi Minority Finance Corporation. Why was his named not revealed? I haven't even been given a CD of the conversation," Khan claimed.
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The venue of the news conference was his father's opulent two-storey mansion in Darya Gang area in Old Delhi filled with his supporters and family members, in an apparent show of strength.
Daring the party, he said, "I will spill the beans of the conspiracy in the next conference. Revealing the names now will only hurt my attempts to uncover the conspiracy. I will name everyone, even if its a councillor or a chief minister," Khan said, as his supporters shouted anti-Arvind Kejriwal slogans.
"He is free to defend himself. On our part, the Delhi government has referred the case to the CBI and he should give his defence before the investigating agency," party spokesperson Deepak Bajpai said.
Khan also paraded a man named Javed, who he claimed to be the owner of the house, from whom he had allegedly demanded Rs 6 lakh as bribe.
"I swear by Allah that Asim Khan has never done such a thing. I neither asked for any money nor did I accept any bribe," he asserted.
He also attacked Imran Husain, who replaced him in the Kejriwal ministry, saying there are "certain charges" against him, but did not elaborate further.