The finance ministry said on Saturday that the Hyderabad-based income tax department carried out search and seizure at a pharmaceutical company on October 6 and seized Rs 142.87 crore in unrecorded cash. The Finance Ministry further stated that the unrecorded income is estimated at Rs 550 crore. The statement read: “This pharmaceutical group is engaged in the manufacture of intermediates, active pharmaceutical ingredients (APIs) and formulations. The majority of products are exported to foreign countries, i.e. the United States. United, Europe, Dubai and other African countries. “
According to the statement, multiple searches were conducted in more than 50 out of six locations. IT managers were told of the hideouts, where they seized even more unaccounted for money and unofficial files. Officials also seized several bank lockers filled with unrecorded money. The ministry said: âProsecution evidence in the form of digital media, USB sticks, documents etc. has been found and seized. Prosecution digital evidence has been collected from the SAP @ ERP software managed by the group. evaluated. “
IT discovered a pattern of suspicious purchases made through remote companies or non-existent entities and also discovered that purchase values ââwere inflated to include black money in accounts. The ministry also said: “Further investigations and quantification of the undisclosed income detected are underway.” IT officials have also found incriminating evidence of cash payments for the purchase of land. The ministry also said there were illegal practices involved in the company’s books, as land purchased by related parties was listed far below the government’s registration value.
The recent aggressive IT approach
Several raids have been carried out by the Income Tax Department in some large states such as Maharashtra, Karnataka and Uttar Pradesh across the country. The IT department suspected that there were groups and individuals from various companies associated with a vast network of undisclosed foreign bank accounts and assets. The Ministry of Finance issued a statement indicating that these groups / individuals used the services of a Dubai-based financial service provider to create a questionable and complex network of foreign companies and trusts based in tax havens such as Mauritius. , United Arab Emirates, BVI, Gibraltar, etc. to hold their unrecorded assets.
(With GDP inputs)