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| An Indian businessman's huge unacccounted wealth | | Income Tax department uncovers 'treasure' | | BL KAK
NEW DELHI, MARCH 8: A highly sensational report from the Income Tax department: Hasan Ali, a Pune-based businessman, owns unacounted wealth valued at Rs 35,000 crores. The huge wealth was traced to accounts operated by Hasan Ali.
The Income Tax department conducted raids on Ali's residence in Koregaon area of Pune on January 5, and found details of his accounts on computers. Coordinated raids were also conducted across Mumbai, Hyderabad and Bangalore where Ali owns properties.
Subsequently,the Income Tax department informed the Central Board of Direct Taxes and the Finance Ministry. And the Enforcement Directorate (ED), too, was brought into the case. According to offical reports, the ED officers then went to Switzerland and froze seven out 10 accounts allegedly operated by Hasan Ali.
The Income Tax department has questioned Hasan Ali. But her was not arrested. This led Ali to go undercover. The matter is still under investigation and the Central Bureau of Investigation (CBI) and Research of Analysis Wing (RAW) have been roped in to carry forward the probe. A money laundering case has also been registered in Pune.
Who is Hasan Ali? According to sources, Ali hails from Hyderabad and is a prominent businessman in Pune. He owns a stud farm, deals in export of purebred horses and is an active member of Pune's derby circuit.
Ali also owns property valued at thousands of crores in Pune. These include a building called 'Tulips' and a bungalow. Investigators suspect that Ali could be a big player in the Hawala circuit as well.
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