Hyderabad: Unaccounted cash worth Rs 1,200 crore was found till date in Hetero Pharma Group. The Income Tax (IT) department declared that the firm was evading tax by showing purchases from bogus companies, less profits and high expenses in their reports. The IT department has set up a team under the aegis of the deputy director level officer for the investigation into the misdeeds of the Group. The IT department disclosed that special teams have been conducting raids on the offices of CEO, residences of directors and other important employees of Hetero Group since October 6. Raids were carried out in 50 places and during the raids, they found vital information, which led to the place where they found crores of rupees.
The IT department officials alleged that crores of unaccounted cash were stashed in the house of kith of Group's owner as the latter is aware that if the IT conducts the raids they would definitely land at the houses of higher officials of the Group. Therefore, the cash was kept in three apartments. The special team conducted raids and seized Rs 142 crore and gold biscuits from three flats.
They used the two account books one is genuine and the other one is fake. Officials collected all the details of these two books. Interestingly, personal expenditure was also included in these books. They are examining pen drives, hard disks and documents. Rs 1,200 cash and gold biscuits were seized from 40 lockers till date from the time of raids.
Also read: Rs 550 Cr worth undisclosed income seized from top pharma group in Hyderabad
