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It is confirmed that the search was conducted by the I-T Department at Mumbai and Pune on a person associated with stud farms 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 a matter is still under investigation,” said Spokesperson of Central Board of Direct Taxes, AK Sinha.
[Source : Dirty money trail leads to politicians : pune, income tax raids, businessman, hasan ali : IBNLive.com : CNN-IBN]
What does `foreign accounts' refer to in this paragraph?
And also explain (quantum of evasion)
Really, Gary, I think you could have interpreted "foreign accounts" for yourself from this context. Money Accounts in foreign (non-Indian) currencies.
"quantum of evasion" here means they haven't worked out just how large Ali's tax evasion has been.