October 20, 2021

The World Live Breaking News Coverage & Updates IN ENGLISH

The World Live Breaking News Coverage & Updates IN ENGLISH

‘Hetero inflated drug input cost, stashed cash in lockers, boxes’

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‘Hetero inflated drug input cost, stashed cash in lockers, boxes’
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‘Hetero inflated drug input cost, stashed cash in lockers, boxes’
‘Hetero inflated drug input cost, stashed cash in lockers, boxes’

HYDERABAD: The Income Tax department has charged pharma major Hetero of using private lockers in Ameerpet and those of the SBI, an almirah and boxes in houses owned or rented by its directors, to stash cash illegally.
Investigations found that Hetero inflated the production cost of drugs it was manufacturing and over-invoiced the raw material and other expenditure. The department searched the company and its directors on October 6 and found Rs 550 crore unaccounted income, including Rs 142 crore in cash. The search was done at 50 locations in six states, including Andhra Pradesh and Telangana.
An official told TOI, “There are discrepancies in purchases made from bogus and non-existent entities and artificial inflation of certain heads of expenditure.” The sleuths found Rs 1.5 crore in each of the eight private lockers in Ameerpet.
Hetero is actively involved in the production of key anti-viral drug remdesivir needed to treat patients who test positive for Covid-19. The company exports drugs to several countries too.

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