Hetero Raids: Rs 550 Cr Unaccounted Income Traced:- The Income Tax Department conducted surprise raids on pharma firm Hetero Labs and more than Rs 100 crores of cash. The raids continued and the officials kept a track of the bank accounts and the lockers. The private lockers in Ameerpet are opened and the officials are left in deep shock. The almirahs and boxes are reopened and crores of money have been traced. The total unaccounted income is said to be Rs 550 crores. Several houses are rented by the directors of the group. Hetero is said to have inflated the production cost of the drugs and over-invoiced the raw material along with other expenses. The raids were conducted on October 6th and the cash traced was Rs 142 crores. Searches are conducted at 50 locations in six states across India. Most of the locations are in Andhra Pradesh and Telangana.
IT Raids on Hetero Pharma... Unaccounted Cash worth 142 crores and total Unaccounted income 550 crores seized till now...Investigation going on.... pic.twitter.com/rC2Ge0SM1N— Mallik Yandamuri (@Mallik_Y1988) October 11, 2021
Hetero Labs is involved in the production of Remdesivir, a key drug to treat the patients with coronavirus. The drugs are exported to several countries around the globe. Several pen drives and other material are seized and the Income Tax officials are verifying them currently. The forensic analysts traced huge amounts of transactions on lands by the directors of Hetero Labs. The company converted the money into cash reserves. The directors purchased lands in Hyderabad, Vizag and other parts of the nation. Several cases are booked and the investigation is going on.
(Video Source: ABN Telugu)