He is believed to hold 17 to 18 accounts in many bank accounts in tax havens. The ED claims to have proof of Hasan having $8 billion lying in UBS bank.
Hasan Ali's residence being raided by ED in Pune
The Black Money trail seem to be knocking on the doors of the UPA government and the person making the loudest noise is Hasan Ali, who has been wanted for stashing more than Rs 36,000 crore worth of black money abroad. His residence is being raided at the moment.
Hasan Ali's dubious case has blown the lid on the black momey issue that has caused substantial damages to the country's exchequer. Two teams of the Enforcement Directorate have begun raids on Hasan Ali's Pune residence since 8 am today (Mar 7). The ED is specifically looking into the banking and investment details of Hasan and his black mone investments in tax havens.
The Supreme Court had recently slammed the Union government for their apparent laxity in handling of the black money issue. Following this, a crack team was formed by the Enforcement Directorate (ED) for the purpose of raiding his vast empire spanning Pune, Mumbai, Kolkatta and Hyderabad. The decision was formed after a high-level meeting in New Delhi. The ED was expected to file an affidavit on the progress of the investigations in the SC today.
The Income tax officials had earlier sent a showcause notice to Hasan Ali, calling him India's biggest tax defaulter. Sources reported that the I-T officials on Friday, Mar 4, issued the notice to Ali over non payment of penalties worth Rs 40,000 crore.
Hasan Ali's whereabouts are still unknown.