Income Tax Raids: The Income Tax Department has detected unaccounted income of Rs 550 crore after the recent raids on Hyderabad-based Hetero Pharmaceutical Group.In raids conducted at 50 locations in six states, the Income Tax Department team has recovered about Rs 142 crore.These raids of the Income Tax Department have been done at the premises of the pharmaceutical group located in Hyderabad.
According to the report of news agency ANI, on October 6, the Income Tax Department raided fifty locations of the Hyderabad-based pharmaceutical group and during this time an amount of more than Rs 142 crore was seized.These raids of the Income Tax Department were done at different places in six states.According to the CBDT, an unaccounted income of about Rs 550 crore has been detected so far.
According to the Central Board of Direct Taxes (CBDT), several bank lockers were unearthed during the raids, out of which sixteen were in working condition.So far, unaccounted cash amounting to 142.87 crores has been seized in the raids.It is said that the unaccounted income unearthed so far is up to about Rs 550 crore.At the same time, official sources have told it to be associated with the Hyderabad-based Hetero Pharma group.CBDT said that further investigation is on.
During the raid, the locations were identified, where another bundle of books and cash was found.The CBDT said that the crime-proven documents in the form of digital media, pen drives, documents etc. were seized and digital evidence was collected from the SAP and ERP software created by the group.
It is noteworthy that the Hetero group was in the news for signing several agreements and being involved in the work of developing various drugs like Remdesivir and Favipiravir for the treatment of Kovid-19.The Hetero Group has over twenty-five production centers in India, China, Russia, Egypt, Mexico and Iran.Hetero said last month that it had received emergency use approval from DCGI for a biosimilar version of tocilizumab to treat COVID-19 in hospitalized adults.