Hyderabad: Hasan Ali Khan loves horses and that is his known occupation. But underneath he holds unaccounted deals worth Rs 35,000 crore with an alleged connection in a multi-crore Hawala scam.
Syed Hasan Ali at the centre of a major money-laundering racket also has a history of several petty criminal cases in Hyderabad before he moved to Pune several years ago.
A total of six criminal cases, including those of cheating and forgery were registered against Ali in the early 1990s, Police Commissioner Balwinder Singh told PTI. Singh, however, added that police "are still verifying the records".
"Media reports suggest that Hasan Ali, against whom the cases were registered, is a Pune-based businessman now figuring in a hawala racket," he said.
The police is inquiring whether horse trader Hasan Ali, reportedly found to be in possession of huge assets during raids by income-tax authorities in Pune, is the same Hasan Ali of Banjara Hills facing several criminal charges.
Two cases relating to the Foreign Exchange Management Act and a bank fraud were registered against one Hasan Ali, resident of Banjara Hills in the '90s. The police said they were yet to ascertain if he and the horse trader of Pune were one and the same.
"We have not received any specific information from the income tax department in this case yet. Indications based on media reports say that he is the same person," said Police Commissioner.
India’s billionaire no 4? Who is this Hasan Ali…
Rs 35,000 crore of wealth, 10 Swiss Bank accounts plus what's still not known! I-T and Enforcement Directorate sleuths bumped into who could possibly be one of the top five richest Indians or the fourth richest man in India.
Sources at the Enforcement Directorate (ED) probing Hasan Ali have told CNN-IBN that Ali could be the invisible investor in Indian equity markets.
The tangled web of FDI, Participatory Notes (P-notes) and offshore tax havens have all come together in this free flow of funds and big fish could be caught in the web.
The ED believes that in order to crack the exact source of these funds it needs to delve deep into the P-Note mechanism. The Participatory Notes can be traded like stocks and sold to others as notes. It is this transaction that is untraceable. Enforcement agencies feel this money may even find its way to terror outfits.
And this fits in well with National Security Advisor M K Narayanan's earlier warning that terror outfits could be using the stock markets.