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IT Department Sleuths unearth Multi-Crore Scam At A Hyd-Based Pharma Firm!
By: Tupaki Desk | 2 March 2021 8:12 AM GMT
The Income Tax Department sleuths carried out multiple searches in Telangana based on a tip-off and unearthed a multi-crore scam in a Hyderabad-based pharmaceutical company. The scam worth around Rs 400 crore.
According to the media reports, the Central Board of Direct Taxes (CBDT) conducted multiple raids at various locations and detected a sum of Rs 1.66 crore that went unaccounted for.
The pharma firm is involved in manufacturing intermediates, active pharmaceutical ingredients (APIs), and formulations. The products of the pharma company are exported to other countries.
During the raids, the IT Department sleuths have found evidence on the unaccounted income of the pharma company worth around Rs 400 crore. The investigation is underway and more details are awaited.
Along with money, the Central Board of Direct Taxes (CBDT) has also seized pieces of evidence on the unaccounted income of the pharma company which includes pen drives, documents, etc. Digital evidence on the unaccounted amount was also gathered from the SAP-ERP software reportedly.
It is also said that the pharma company made purchases from bogus companies and entities that don't exist. The pharma company had also indulged in inflation of the expenditure.
The body had also found evidence to prove that people involved in the pharma company showed their personal expenses in the name of the company's expenses and they have also purchased land less than the government value.
According to the media reports, the Central Board of Direct Taxes (CBDT) conducted multiple raids at various locations and detected a sum of Rs 1.66 crore that went unaccounted for.
The pharma firm is involved in manufacturing intermediates, active pharmaceutical ingredients (APIs), and formulations. The products of the pharma company are exported to other countries.
During the raids, the IT Department sleuths have found evidence on the unaccounted income of the pharma company worth around Rs 400 crore. The investigation is underway and more details are awaited.
Along with money, the Central Board of Direct Taxes (CBDT) has also seized pieces of evidence on the unaccounted income of the pharma company which includes pen drives, documents, etc. Digital evidence on the unaccounted amount was also gathered from the SAP-ERP software reportedly.
It is also said that the pharma company made purchases from bogus companies and entities that don't exist. The pharma company had also indulged in inflation of the expenditure.
The body had also found evidence to prove that people involved in the pharma company showed their personal expenses in the name of the company's expenses and they have also purchased land less than the government value.
