New Delhi, March 17: Son of a Hyderabad excise officer, Hasan Ali Khan deals in scrap with an annual income of Rs 30 lakhs, but his funds stashed in offshore bank accounts total up to an astounding $ 8 billion, reports the news magazine India Today on the basis of a letter written by UBS Bank, Zurich to Khan.
The Centre has confirmed the existence of this money in UBS, and had slapped a Rs 50,000 crore Income Tax notice, but Khan is yet to pay a single rupee, says the report.
Hasan Ali Khan has a passion for owning race horses, for which he pays in cash running to crores of rupees.
He is also known to throw the most lavish parties in Mumbai and Pune, insiders told the news magazine.
Watch Video :- Hasan Ali Khan arrested by ED
The scrap dealer has a fleet of expensive cars worth several crores of rupees.
Hasan Ali Khan has a number of offshore bank accounts spread in Switzerland and other tax havens.
Antiques, car rentals, metal trading, export of rice and onions to the Middle East were the trades in which he dabbled in before he suddenly acquired the offshore riches. How he acquired this vast wealth, nobody knows, says the report.
It is believed that Hasan Ali Khan used to act as a conduit for transferring ill-gotten money of politicians and industrialists to offshore banks.
In 1991, Hasan Ali Khan entered the world of racing by acquiring two racing horses in Hyderabad. Soon, he moved to Mumbai, Pune, Bangalore, Chennai and Delhi.
Hasan Ali Khan started a jewellery shop in Kuwait in 2006-07 in a partnership.
Pune Police had interrogated him in March 2007 in connection with a multi-crore hawala racket.
Hasan Ali Khan's wealth could be much more than $ 8 to 9 billion, experts believe, and most of it is unaccounted.
The report says, he opened two fake companies Autumn Holdings and Paysons in the Virgin Islands in partnership and laundered money to the tune of $ 280 million.
His wife Reema and brother Faisal Abbas helped him to hide since 2007 from ED authorities.
Hasan Ali Khan was also jailed last year in a fake passport case.
He would have lied low had not the Supreme Court cracked its whip at the Centre for not taking action against a known tax evader.
