Hasan Ali front man for Union ministers: Kirit Somaiya

Mumbai, Mar 13 (UNI) Horse trader Hassan Ali, allegedly involved in the biggest money laundering scam, is a front man for two ''powerful Union ministers'' who represent Maharashtra, former BJP MP Kirit Somaiya has alleged.

Addressing a press conference here today, Mr Somaiya alleged that crores of rupees had been invested via the Mauritius route through participatory notes in the capital market and the commodity exchange. Both these ministers are known to Mumbai's business and broker communities as ''major players'' in these markets. One of them is a major investor in the commodity exchange and the other in the stock exchange, he alleged.

Mr Somaiya alleged that Ali had extended his services to few other ministers as well and that most of the transactions that he executed, had occurred during the last three years.

Mr Somaiya claimed that the Prime Minister's Office, the Finance Ministry and the Intelligence Bureau were alerted about the deals nine months ago.

Ali's name had cropped up during the Income Tax Department's inquiry and raids on Tapadias of Kolkata and the department had kept a watch on him ever since, Mr Somaiya said.

Following the January 10 Income Tax raids at Ali's residence, the Finance Ministry and the PMO were informed about the involvement of seven political leaders in such a massive ''hawala'' scam and abuse of the Mauritius route, Mr Somaiya said. However, under political pressure, the Congress-led UPA Government has tried to downplay the episode, he alleged. ''Political pressure has been used to slow down the inquiry and investigations,'' he said.

Mr Somaiya said the SEBI, the RBI, the IB and the CBI should have been involved immediately on January 11, but this was not done so.

UNI