IT department raid on Hetero Pharma Group
The Income Tax Department has detected “unaccounted” income of Rs 550 crore and seized over Rs 142 crore in cash after the recent raids on Hyderabad-based Hetero Pharmaceutical Group. Official sources made this claim on Saturday. At present, no comment has been received from the company officials in this regard. On October 6, the Income Tax Department conducted raids at about 50 places in about six states.
Information received from many bank lockers
The Central Board of Direct Taxes (CBDT) said in a statement, “During the raids, several bank lockers were detected out of which 16 were in working condition. So far, unaccounted cash amounting to 142.87 crores has been seized in the raids. The unaccounted income detected so far is up to about Rs 550 crore.” Official sources have told it to be linked to Hyderabad-based Hetero Pharma group. CBDT said that further investigation is on. CBDT prepares policy for Income Tax Department.
Products exported to many countries
The CBDT said the group is in the business of manufacturing pharmaceutical ingredients (APIs) etc. and most of the products are exported to countries like the US and Dubai, and some African and European countries. The CBDT claimed, “Issues relating to discrepancies in purchases made from bogus and non-existent entities and artificial inflation of certain items of expenditure were detected. Apart from this, evidence of payment of money for the purchase of land was also found.
Several other legal issues were also detected such as personal expenses were being written off in the accounts of the company and the land purchased by the concerned parties was reported to be ‘below the government registration value’. Alleging the company, it has been said that during the raid, the locations were identified where the books of accounts and another bundle of cash were found.
Documents proving the crime were also found
CBDT said, “Crime-proven documents in the form of digital media, pen drives, documents etc. were seized and digital ‘evidence’ collected from SAP and ERP software maintained by the group.” The Hetero group was in the news for signing several agreements and being involved in the development of various drugs such as Remdesivir and Favipiravir for the treatment of Kovid-19. The Hetero Group has over 25 production centers in India, China, Russia, Egypt, Mexico and Iran.
signed an agreement with Sputnik V
Hetero said last month that it has received emergency use approval from the Drug Controller General of India (DCGI) for a biosimilar version of tocilizumab to treat COVID-19 in hospitalized adults. . It is noteworthy that this pharma company is one of the companies that has tied up with Russian Direct Investment Fund for the manufacture of Kovid-19 vaccine Sputnik V in India.
with language inputs
Also read- Rakesh Jhunjhunwala’s big statement regarding the stock market, now it will remain bullish, there is no possibility of decline
Shehnaz is a Corporate Communications Expert by profession and writer by Passion. She has experience of many years in the same. Her educational background in Mass communication has given her a broad base from which to approach many topics. She enjoys writing about Public relations, Corporate communications, travel, entrepreneurship, insurance, and finance among others.