It is being described as biggest ever case of income tax evasion in Indian History. The Income Tax department claims to have traced unaccounted wealth valued at Rs 35,000 crore ($8.75b) from Hasan Ali Razvi of Hyderabad who is a prominent businessman in Pune.
But the real question is, have the Income Tax and Enforcement Directorate sleuths bumped into who could possibly be one of the top five richest Indians or the fourth richest man in India?
Coordinated raids were also conducted across Mumbai, Hyderabad and Bangalore where Ali owns properties. The department then informed the Central Board of Direct Taxes and the Finance Ministry and the Enforcement Directorate (ED) was brought into the case. The Government is verifying reports that Ali owned a building in Saidabad and another one in Banjara Hills. Ali reportedly sold the building in Saidabad and rented out the one in Banjara Hills.Hasan Ali, is reported to have illegally transferred very large sums of money to seven Swiss bank accounts. These accounts have been frozen at the request of the Indian government.
ED officers then went to Switzerland and froze seven out 10 accounts allegedly operated by Ali. Though I-T department has questioned Ali, but they didn''t arrest him and he now seems to have gone undercover. The matter is still under investigation and the Central Bureau of Investigation 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. Hasan Ali is reported to have links with politicians and big businessmen. Apparently, money was laundered through Mauritius.
Ali owns a stud farm, deals in export of purebred horses. Ali also owns property valued at thousands of crores in Pune. These include a building called ''Tulips'' and a bungalow. Investigators suspect Ali could be a big player in the Hawala circuit as well.
But the real question is, have the Income Tax and Enforcement Directorate sleuths bumped into who could possibly be one of the top five richest Indians or the fourth richest man in India? Azim Premji is fourth richest in India with wealth of $13.3 billion or Rs 59,052 crores. Next to him is DLF''s KP Singh, whose wealth is estimated to be $5 billion or Rs 22,194 crore. But this figure wanes if one starts counting Hasan Ali''s seized assets.
According to the last count, India was home to 28 billionaires as of 2006, which was 10 more than last year. But it is estimated that the actual number could actually be more than double if one is to take into account all those who have kept their billions hidden or stashed in foreign banks. And by all accounts, Hasan Ali seems to be one of the toppers among them.
Source: CNN-IBN, The Times of India, The Hindu
