I-T Raids on HYD Pharmaceutical Co. Yield 140CR Cash

New Delhi: Income Tax Officer seized Hospital 142 Crore in cash during a search in more than 50 locations in a leading Hyderabad-based pharmaceutical company in six states.
The search starts on Wednesday and the documents seized revealed forged and fake bills, tax evasion and money laundering by the group, said the source.
The company is to produce covid medicines and export drugs to the US, Europe, Middle East and Africa.
Some drugs in a very short supply during the peak of the second wave of pandemic in April-May were also produced by the company and exported.
“During the search, some bank lockers have been found.
Search has resulted in the seizure of cash that cannot be explained by Rs 142.87 Crore so far.” “Unknown to diastimation is estimated to be in the range around Rs 550 Crore until now,” said the department IT.
An official statement from the Department said: “The hiding place is identified where the second set of account books and cash is found.
The burdensome evidence in the form of digital media, pen drive, documents have been confiscated.” The official said the evidence collected during the raid pointed “purchase Made of fake entities and no and inflation made by certain heads of spending “.
The I-T department also claims that illegal cash produced from tax evasion is used to purchase land and other assets.