ibnlive » India

Mar 04, 2011 at 10:32pm IST

Tax evader Hasan Ali's money trail revealed

New Delhi: The income tax department has issued a show cause notice to tax defaulter Hasan Ali, on non-payment of Rs 40,000 crore worth of tax dues. He has been given 15 days to reply.

He has a bank account with Union Bank of Switzerland (UBS) in Zurich which has $8 billion stashed away. Ali has four other accounts in the same bank.

Apart from that, he has another bank account in Zurich with the Credit Suisse Bank. And in Dubai, he has an account with ABN AMRO Bank.

In New York, his company SK Financial Services, has an account with Barclays Bank.

His accomplice, Kolkata-based businessman Kashinath Tapuriah has an account in UBS in Zurich and one in Standard Chartered Bank in Dubai.

Tapuriah also has another account in UBS and Tapuriah's wife Chandrika also has an account in Standard Chartered Bank in Dubai.

Tracking Hasan Ali's finances, the ED also has the account details of three companies owned by Tapuriah into which Hasan Ali paid $200 million.

D and IT official suspect various enterprises of Hassan Ali Khan became a conduit for illegal money of politicians and industrialists in Swiss banks. And not just that, Hasan Ali's black money is also alleged to have funded terrorism in India.

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