Hyderabad (Telangana): The Income Tax Department detected an unaccounted income estimated to be in the range of about Rs550 crore from a Hyderabad-based Hetero Pharmaceutical Group during a raid, the officials said on Saturday.
Several bank lockers were found, out of which 16 lockers are operational. The searches have resulted in the seizure of unexplained cash amounting to Rs142.87 crore so far.
The pharmaceutical group is engaged in the business of manufacturing intermediates, Active Pharmaceutical Ingredients (APIs) and formulations and the majority of the products are exported to foreign countries i.e. USA, Europe, Dubai and other African countries. The search operation was carried out at about 50 locations in 6 States.
During the searches, hideouts were identified where a 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. Incriminating digital evidence was gathered from SAP @ ERP software maintained by the assessee group, the officials further stated.
During the searches, 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 the purchase of lands was also found. Various other legal issues were also identified such as personal expenses being booked in the company’s books and land purchased by related parties below government registration value.
Further investigations and quantification of undisclosed income detected is in progress.
READ: IT dept detects Rs 250-cr black income after raids on groups in NE, WB
