Recently, a Hyderabad based pharma company got raided by the I-T department. Pictures that surfaced had netizens marveling at cupboard loaded with cash. Pictures making the round on Twitter showed hundreds of bundles of cash neatly stacked on top of each other in an old-school almirah. While some had their eyes on the almirah, other quipped on how demonetization failed to change the mentality of Indians.
The I-T department after its raid detected an income of Rs. 550 crores which was unaccounted for. Further, the apex taxation body also seized a sum of Rs. 142 crores from the raid.
A suitcase or a cupboard filled with cash is something all of us have seen in movies or television shows. However, most people, except for robbers or tax authorities, don’t get their hands or eyes on an entire wardrobe filled with cash.
In India, keeping stacks of cash has been the oldest methods of avoiding paying tax. However, some officials from the I-T department were in for a surprise at the amount of cash they saw hoarded in Hyderabad.
The Facts of the Matter
The I-T department recently conducted a raid on a Hyderabad-based pharma group’s offices. The raid led the department officials to detect a whopping sum of Rs. 500 crores which was “unaccounted income” and further led to the seizure of Rs. 142 crores.
Reportedly, the pharma group was raided by the I-T department in about 50 locations spread across 6 states. The pharma group is into the business of manufacturing formulations, pharmaceutical ingredients and other intermediates. The company’s business is spread on an international level with clients across USA, Europe, UAE and some African countries.
Discrepancies in Purchases, Digital Evidence Found in Pen Drive, ERP Tools
Much like raids conducted at high-profile companies, the officials found discrepancies in purchases as they were made from non-existing entities and bogus companies. Further, the officials also found incriminating evidence in pen-drives, digital documents, etc. They also seized the digital evidences found in the ERP (Enterprise resource planning) tools that were maintained by the pharma group.
In a statement issued by Central Board of Direct Taxes it was revealed that, “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 Rs 142.87 crore, so far.”
5-Shelf Cupboard Filled with Cash Recovered
Meanwhile, the netizens’ attention was brought to an image which surfaced related to the raid. The image showed cash which was recovered by the I-T department. Reportedly, the wads of cash were neatly stacked in an iron almirah. Each wad of cash appeared to be carrying a few hundred currency bills within it.
IT raid on a Pharma company in Hyderabad revealed this. I am assuming they have kept clothes in the locker pic.twitter.com/k15SnYdwNB
— Gabbbar (@GabbbarSingh) October 10, 2021
Netizens React to Cupboard Filled with Cash
The netizens soon reacted on the image that had surfaced and impressed everyone with the wit and the humour.
bas itna hi paisa chaiye life me …sukhi rehne k liye 💰💰💲
— Joshié K. Sourabh (@sourabhk_sdah) October 10, 2021
Safe bi hai isme…usme kya hoga🤣🤣
— Ishan Roy🇮🇳 (@royishan23) October 10, 2021
Will keep this as my wallpaper 😍
— Abhishek Shetty (@shettyhuduga) October 10, 2021
Ye squid game ka winner Hoga!
— अलबत Einstein (@ish1vam) October 10, 2021
— Sid's Free Speech Zone 📣 (@KhullarSidharth) October 10, 2021
History Behind Hetero Drugs
While it has still not been officially revealed as to which pharma group suffered the raid, it’s been widely reported that the group is Hetero Drugs. For the unversed, Hetero Drugs is a pharma company that was first in Indian market to introduce the generic Remdesivir injection called Covifor after COVID-19 pandemic hit India.
The company’s executives are also involved in legal soup of epic proportions. The company’s main promotor is Mr. B Parthasarathy Reddy who was one of the accused in the quid pro quo case handled by the CBI.
In 2012, Mr. Reddy was charged by CBI with investing in Andhra Pradesh CM Y S Jagan Mohan Reddy’s companies in return for certain favours.