The Source of revenue Tax Division detected “unaccounted” income of Rs 550 crore and seized over Rs 142 crore cash after it recently raided Hyderabad-based Hetero pharmaceutical group, official sources told News18 on Saturday.

The raids were carried out by the tax department on October 6 at about 50 locations in half-a-dozen states.

Hetero shot into limelight after the group signed several agreements and undertook development of various drugs such as Remdesivir and Favipiravir to treat COVID-19.

It has over 25 manufacturing facilities located in India, China, Russia, Egypt, Mexico and Iran. The company last month had said that it had received Emergency Use Authorisation from the Drug Controller General of India (DCGI) for its biosimilar version of Tocilizumab for treatment of COVID-19 in hospitalised adults.

The Rs 7,500 crore pharma major is one of the firms that has tied up with Russian Direct Investment Fund to manufacture COVID-19 vaccine Sputnik V in India.

“During the search, several bank lockers have been found, out of which 16 lockers have been operated. The searches have resulted in the seizure of unexplained cash amounting to Rs 142.87 crore, so far,” the Central Board of Direct Taxes (CBDT) mentioned in a commentary.

“Unaccounted source of revenue unearthed is estimated to be within the vary of about Rs 550 crore until now,” it said.

Further investigations and quantification of undisclosed income detected is in progress, it added. The CBDT frames policy for the Income Tax Department.

The CBDT said the group is engaged in the business of manufacturing of intermediates, active pharmaceutical ingredients (APIs) and formulations and majority of the products are exported to countries like the US and Dubai, and some African and European countries.

“Issues relating to discrepancies in purchases made from bogus and non-existent entities and artificial inflation of certain heads of expenditure were detected. Further, evidence of on-money payment for purchase of lands was also found,” it claimed.

More than a few different prison problems had been additionally recognized akin to non-public bills being booked within the corporate’s books and land bought by way of similar events “under govt registration price.” It alleged that hideouts were identified during the raids where second set of books of accounts and cash were found.

“Incriminating evidence in the form of digital media, pen drives, documents, etc. have been found and seized and digital “evidences” had been accrued from SAP and ERP device maintained by way of the assessee crew,” it said.

With inputs from PTI

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