I-T Raids Pharma Company, Discovers Rs 143 Crore Unaccounted Cash

After a recent raid on Hyderabad-based Hetero pharmaceutical business, the Income Tax Department discovered "unaccounted" income of 550 crores and seized over 142 crore cash, according to a press release.

The undeclared income is estimated to be worth Rs 550 crore so far, according to a statement released by the Ministry of Finance on October 9.

"This pharmaceutical company specializes in the production of intermediates, active pharmaceutical ingredients (APIs), and formulations. The majority of the products are sold to other countries, such as the United States, Europe, Dubai, and other African nations, "according to the statement.

What was found during the IT raid?

Discrepancies in purchases made from fraudulent and non-existent businesses, as well as false inflating of some expenditure categories, were discovered during these inquiries. In addition, evidence of on-time payment for land purchases was discovered. Other legal concerns were discovered, such as personal expenses being recorded in the company's books and associated parties purchasing land for less than the government's registration value.

Several bank lockers have been discovered throughout the investigation, with 16 of them being used. So far, the searches have resulted in the seizure of unexplained cash worth Rs. 142.87 crore. The amount of undeclared income discovered so far is expected to be around Rs 550 crore.