Hyderabad: The income tax department has imposed Hetero Major Pharma by utilizing personal lockers in Ameerpet and SBI, almyirah and boxes in homes owned or rented by their directors illegally.
Investigations found that hetero increases the cost of producing drugs, it produces and collects raw materials and other expenses.
The tax department conducted a search company and the premise of the director on October 6 and found the RS 550 Crore income countless, including Rs 142 Crore Cash.
Searches are made in 50 locations in six states, including Andhra Pradesh and Telangana.
An official told Tii, “there is a difference in purchases made from false entities and no and inflation made by certain head spending.” Sleuth found Rs 1.5 Crore in each of the eight personal lockers in Ameerpet.
Hetero is actively involved in the production of the key anti-virus drugs needed to treat Covid-19 patients.
The company exported drugs to several countries too.
Sleuth tax has also verified data in pen drives and other material confiscated during search.
Sources said forensic analysis found very large land transactions.
According to an investigative official, the company transfers money made of excessive invoices and turns it into cash reserves.
The company director also bought land in various locations in Hyderabad, Vizag and other parts of the country.
Repeated efforts to achieve hetero directors do not produce fruit.
The company exported drugs to several countries too.