Taxmen net Pune big fish

SHOW ME THE MONEY: Ali owns 'Tulips', one of Pune's most expensive buildings.

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New Delhi: The Income Tax department claims to have traced unaccounted wealth valued at Rs 35,000 crore to accounts operated by a Pune-based businessman Hasan Ali.

The I-T 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.

The department then informed the Central Board of Direct Taxes and the Finance Ministry and the Enforcement Directorate (ED) was brought into the case.

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.

Who is 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 Ali could be a big player in the Hawala circuit as well.

(With inputs from Kanhaiya Singh and Shilpa Dhamija)