IT raids at 50 locations of pharmaceutical group, 142 crores recovered!

New Delhi: The Income Tax Department raided 50 Hyderabad-based pharmaceutical group hideouts on October 6 and recovered more than Rs 142 crore during the operation. The raids were carried out at different locations in 6 states. According to CBDT, unaccounted earnings of around Rs 550 crore have been detected so far.

Income Tax department officials raided the offices and other hideouts of Hetero, a group of well-known drug manufacturers, on Wednesday. Officials said raids have been conducted at the company's headquarters, some production centres and offices here and Visakhapatnam in Andhra Pradesh. The department has recovered some papers and seized some computer hard disks that will be analysed to see if any tax has been stolen. Hetero made headlines for the group's signing of several agreements and engaging in the development of various medicines such as Remdesivir and Favipirvir for the treatment of corona.

Hetero is one of the major global suppliers to develop the drug formula in India and abroad and provide Active Pharmaceutical Ingredients -API (including cytotoxics) to pharmaceutical companies manufacturing new generation products. City-based Hetero has more than 25 production centres in India, China, Russia, Egypt, Mexico and Iran.

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