Pune-based stud farm owner Mr Hasan Ali Khan, one of the key persons being probed by the Enforcement Directorate in the ongoing investigation into black money stashed by Indians in foreign banks abroad, is the son of a Hyderabad-based excise officer.

The 58-year-old businessman, who lives in a plush bungalow in Koregaon, Pune is said to have had humble beginnings in Hyderabad till he started dealing in various trades, including antiques, metal trading, rice and onion exports to West Asia and car rentals. His wealth, according to reports, is said to be between $8 and 9 billion or even higher, and most of it is unaccounted.

In the early 90s, Mr Ali took to horse racing in Hyderabad and soon spread his wings to the racing circuit in Mumbai, Pune and other cities, say reports. He is reported to own prime property in Europe, a fleet of high-end cars and is said to be famous for hosting lavish parties. Investigators have traced his bank accounts to Switzerland, Singapore, Dubai and New York.

In India, Mr Ali is said to have properties in major cities including Hyderabad, Delhi, Mumbai and Pune.

According to an Enforcement Directorate case report, Mr Ali's money laundering offences extend to terrorism, gun-running and forgery and he may even have had links with weapons dealer Adnan Khashoggi. He has been asked by the ED to appear before it on March 7.

Mr Ali has claimed that he was a scrap dealer with an annual income of Rs 30 lakh.

Sources indicated that the IT Department has initiated prosecution of Mr Hasan Ali for non-filing of returns, while prosecution of Mr Ali for evasion of tax is underway.

The Finance Minister, Mr Pranab Mukherjee, recently told Parliament that the IT Department was “contemplating” prosecution of Mr Ali.

In March 2007, the Pune Police too, had questioned Mr Ali in connection with his alleged involvement in a multi-crore rupee hawala racket. His wife Reema and brother Faisal Abbas are also allegedly involved in most of his shady dealings.

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