35,000 Crores of unaccounted wealth – IT and ED officials yet to recover – from shock.

By Vijay Kumar

The PIB clarified, A news items has been flashed in some sections of the electronic and print media that a search by the Income Tax department at the premises of a trader in horses in Pune has led to detection of 10 Swiss bank accounts involving substantial amounts. It is confirmed that a search was conducted by the Income Tax department at Mumbai and Pune on a person associated with stud farm and horse race about two months back and indications of certain foreign accounts were found during the search. At this stage it is not possible to confirm the quantum of evasion as the matter is still under investigation.

This, as they say, is the tip of the ice berg. But this stud farm owner could be richer than all your rich Indians including poor Narayan Murthy, Anil Ambani or the DLF chief – and all of it in black! The man is said to be in the business of horse-trading, export-import, and financing but has over 35000 Crores stashed away. Initial investigations reveal that the money stashed in Swiss bank and other illegal accounts may run into several thousand billion, and this could just be the tip of the iceberg.

This could well be the largest unearthing of hidden wealth in the country. The unaccounted wealth unearthed by income tax officials does not include his "accounted "assets.

It is believed that he is a major player in the international hawala. It seems that a large chunk of his unaccounted wealth has come from the hawala circuit.

He hails from Hyderabad and is a prominent businessman based in Pune, where he runs a thriving horse breeding stud farm. He also owns properties worth thousands of billion in Pune, Mumbai, Hyderabad and Bangalore.

Apart, from being a prominent businessman and a well know name on Pune and Mumbai derby-circuits, he also owns a stud farm dealing with pure-breed horses.

The matter is still under investigation with the Central Bureau of Investigation (CBI) and the Research and Analysis Wing (RAW) have been roped in.