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IT raids unearth Rs 350 billion hawala racket

The unearthing of an illegal money transfer racket involving Pune-based businessman-cum-horse breeder Hassan Ali may just be the "tip of the iceberg".

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MUMBAI: The unearthing of an illegal money transfer racket worth Rs.350 billion (nearly $7 billion), involving Pune-based businessman-cum-horse breeder Hassan Ali Wednesday, may just be the "tip of the iceberg", enforcement directorate (ED) sleuths said on Thursday.

"Initial investigations reveal that the money stashed in Ali's Swiss bank and other illegal accounts may run into several thousand billion, and this could just be the tip of the iceberg," an ED official said.

"We are yet to assess the actual worth of his unaccounted wealth, as the transaction details found on his computers is yet to be estimated. A team of ED official is presently in Switzerland probing the matter. This could well be the largest unearthing of hidden wealth in the country," the official said.

The official claimed that even according to "conservative" estimates, Ali could feature among the top Indian billionaires.

"The unaccounted wealth unearthed by income tax officials does not include Ali's "accounted "assets.

"With his unaccounted assets worth Rs. 350 billion (which has been unearthed) and his unaccounted assets yet to be estimated, Ali could possibly be in the league of Indian billionaires who feature in the Forbes list," the official mused.

"We believe that Ali is a major player in the international hawala or illegal money transfer racket. It seems that a large chunk of his unaccounted wealth has come from the hawala circuit."

Tax sleuths stumbled on the unaccounted wealth in alleged "hawala accounts" or illegal money transfer racket during raids at Ali's up-market residence in Koregoan area of Pune and found the detail on his computers.

The department then informed the Central Board of Direct Taxes and the finance ministry and the enforcement directorate, which have subsequently frozen seven of the 10 accounts operated illegally by Ali in Swiss banks, sources here said.

"The I-T department sleuths along with the ED officials have been conducting coordinated raids across Mumbai, Hyderabad and Bangalore where Ali owns properties since Jan 5."

"Subsequently, ED official went to Switzerland and froze seven of the 10 bank accounts allegedly operated by Ali."

Ali who hails from Hyderabad, is a prominent businessman based in Pune, where he runs a thriving horse breeding stud farm. He also owns properties worth thousands of billion in Pune, Mumbai, Hyderabad and Bangalore, sources said.

"Apart, from being a prominent businessman and a well know name on Pune and Mumbai derby-circuits, Ali also owns a stud farm dealing with pure-breed horses."

"The matter is still under investigation with the Central Bureau of Investigation (CBI) and the Research and Analysis Wing (RAW) have been roped in."

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