I-T department detects Rs 550-crore hidden income after raids on Hetero pharma group; Rs 142-crore cash seized
The Hindu
The ₹7,500 crore pharma major is one of the firms that has tied up with Russian Direct Investment Fund to manufacture COVID-19 vaccine Sputnik V in India.
The Income Tax Department has detected "unaccounted" income of ₹550 crore and has seized over ₹142 crore cash after it recently raided Hyderabad-based Hetero pharmaceutical group, official sources claimed on Saturday.
The raids were carried out by the tax department on October 6 at about 50 locations in half-a-dozen states.
"During the search, several bank lockers have been found, out of which 16 lockers have been operated. The searches have resulted in the seizure of unexplained cash amounting to ₹142.87 crore, so far," the Central Board of Direct Taxes (CBDT) said in a statement.
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