It Sleuths Find Unaccounted Income Of Rs 550 Crore In Hetero Drugs

Sat Oct 09 2021 19:00:21 GMT+0530 (IST)

The IT officials have identified an unaccounted income to a tune of Rs 550 crore from its raids on the premises of pharma major Hetero Drugs. The raids were conducted in over 50 locations spread in six states since October 6. Cash worth Rs 142 crore was also seized, the officials said.

These stunning revelations have put the spotlight on the pharma major, which is believed to be closer to the YSR family in Andhra Pradesh. The Central Board of Direct Taxes said in a statement, that several bank lockers were also identified. Of then, 16 lockers were opened and cash to a tune of Rs 142 crore was recovered.

The CBDT said that further investigation is on and the assets of the company are being quantified. The Hetero is manufactures intermediary drugs of active pharmaceutical ingredients (APIs) and formulations. A majority of these products are exported to countries like the US and Dubai, and some African and European countries.

Normally, the CBDT does not name the company, but from the recent reports of the raids on the Hetero Drugs, it can be safely surmised that the company in question is the Hetero. The officials found the existence of double accounting, fake companies and fictitious fund transfers. Further investigations are on.