In December 2008, the ED slapped a show cause notice on Pune businessman Hassan Ali for reportedly stashing a whopping $8 billion in a single bank account in Zurich, Switzerland.
In December 2008, the ED slapped a show cause notice on Pune businessman Hassan Ali for reportedly stashing a whopping $8 billion (approximately Rs36,000 crore) in a single bank account in Zurich, Switzerland.
This notice unearthed what is probably the biggest tax evasion scam in India. Ali, 57, is famous in Pune as a flamboyant businessman and a stud farm owner.
In January 2009, the ED recorded the statement of one of Ali’s associates, Kashinath Tapuriah, who confirmed the existence of documents proving the $8 billion deposits, and also revealed Ali’s links with others in the unfolding money laundering scandal.
Dubai-based arms dealer Adnan Khashoggi’s name also cropped up in the documents with an indication of at least one proposed $300 million deal between them for a chateau that Ali bought in Switzerland.
Statements of both Tapuriah and Philip Anandraj, close associates of Ali, gave a lot of information on him and his foreign exchange transactions.
The London connection: Investigations by the ED unearthed a document notarised by the Notary Public of London who certified the genuineness of the signatures on Ali’s passports.
Ali, in this notarised statement of 2003, had allegedly mentioned the opening of the first UBS Singapore account in 1982 and noted how Khashoggi had assisted in the account being transferred to UBS in Zurich and how he later wanted to purchase a hotel in Switzerland.
Ali’s history: Ali settled down in Pune’s Koregaon Park in 2000 after marrying Rheema, daughter of Pune-based horse trainer Abbas Ahmed Abbas.
They first met at the Mahalaxmi race course in Mumbai. Ali had divorced his first wife Mehboob Unnisa Begum, with whom he used to live in Hyderabad’s Banjara Hills, and moved to Pune.
Ali’s father was an excise officer in Hyderabad where Ali studied till Class 12, and went on to sell antiques. He then started a car rental service in 1970, before switching to a metal trading business in Dubai in 1988.
Meanwhile, Ali entered the world of horse racing in Hyderabad in 1991 with only two horses. Then in 1994, he began racing at Mumbai’s Mahalaxmi racecourse, where he also was a punter. Soon, he expanded his horse racing activities to Pune, Bangalore, Chennai and Delhi.
The fake passport case: Ali is believed to have been in possession of three passports, the first issued in Hyderabad, the second in Patna, 1997 and the third in Mumbai in 1998.
Ali surrendered on November 15 and after spending over 20 days in custody, was released on bail.
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