Raids on Heatro Pharma Group: Unclaimed revenue of Rs 550 crore seized

New Delhi: The Income Tax Department has raided Hyderabad's Heatro Pharma Group and seized unaccounted revenue of Rs 550 crore. It also seized Rs 142 crore in cash. Company officials were not immediately available for comment. The income tax department has raided more than 50 places in six states on October 6. The investigation also found some bank lockers. 16 of them were running lockers. The probe resulted in the seizure of undeclared cash worth Rs 142.87 crore. The unaccounted amount seized so far is around Rs 550 crore. The investigation is still ongoing and the figure could rise.

The group is linked to the production of intermediates, active pharmaceutical ingredients (APIs) and formulations, the CBDT said. Most of its products are exported to the US, Dubai and some African and European countries.

It was claimed that discrepancies were observed in the purchase. It has been found to be purchased from bogus and non-existent units. In addition, some expenses have been shown to be unreasonably high. In addition, payments made for land have also been found.

In addition, various legal issues have also been identified. In it the personal expenses recorded in the books of account of the company are credited to the account of the company and the land is taken by the concerned parties at a rate even lower than the registration value of the government.

It is alleged that another set of accounting books was seized during the raid. Cash was also found. Evidence has been found in the form of digital media, pen drives, documents, etc. In addition, digital evidence has been collected from the group's SAP and ERP software.