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Outlook.com

Alibaba And His Crores

What took so long for Hassan Ali and his accounts to be probed? A political hand?

Alibaba And His Crores
Reuters (From Outlook, March 21, 2011)
Alibaba And His Crores
outlookindia.com
-0001-11-30T00:00:00+05:53

Hassan Ali Khan, the 56-year-old Pune-based race-horse owner and billionaire, now money-launderer and the nation’s biggest tax-evader, guarded one asset most zealously: his low profile. At races in Pune and Mumbai, he occupied corner seats in the members’ box; he lived discreetly in Pune’s upmarket Koregaon Park where his bungalow did not stand out for its opulence. He drove around in a black Mercedes and stayed away from parties. He met international bank executives at his house so that he would not attract attention. And it was this prized asset that Khan lost last week.

Hassan Ali has suddenly become the evil face in the campaign against black money stashed in tax havens abroad. At last count, he had nearly $8 billion in one of his Swiss bank accounts and owed the national exchequer between Rs 40,000 crore and Rs 72,000...

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