Income Tax Department seized cash over Rs 142 crore during a search and seizure operations carried out on a major Pharmaceutical group based in Hyderabad on October 6, the Ministry of Finance said in an official statement.
"This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations. The majority of the products are exported to foreign countries i.e. USA, Europe, Dubai and other African countries," the statement said.
According to the ministry, hideouts were identified where the second set of books of accounts and cash were found during the searches and the evidence found in the form of digital media, pen drives, documents, etc, have been seized.
Further, evidence of on-money payment for the purchase of lands was also found and various other legal issues were identified such as personal expenses being booked in the company's books and land purchased by related parties below government registration value," the ministry said.
"In addition, several bank lockers have been found, out of which 16 lockers have been operated and later resulted in the seizure of cash worth Rs 142.87 crore so far," the statement said.
The unaccounted income unearthed is estimated to be in the range of about Rs 550 crore till now, it added.
The search operation was carried out at about 50 locations in 6 states.
( With inputs from ANI )
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