New Delhi: The IT officials seized nearly Rs 143 crore cash and detected unaccounted income to the tune of Rs 550 crores, their raids conducted on the Hyderabad based pharmaceutical company recently.

As per the sources of Finance Ministry the operations were carried out on October 6^th. The Finance Ministry in a statement said that the pharmaceutical company is engaged in the business of manufacturing of intermediates, and active pharmaceutical ingredients (APIs) and formulations. Majority of the products are exported to foreign countries like the US, Europe, Dubai and other African countries.

The search operations were carried out at about 50 locations in six states, it added. During the searches, hideouts were identified, where second set of books of accounts and cash were found, said the statement. Incriminating evidence in the form of digital content, pen drives, documents etc. have been found and seized. Incriminating digital evidences were gathered from the ‘SAP @ ERP’ software maintained by the assessee group, the statement said.

During the searches, issues relating to discrepancies in purchases made from bogus and non-existent entities and artificial inflation of certain heads of expenditure were detected.

Besides, evidence of on-money payment for purchase of lands was also found. Various other legal issues were also identified such as personal expenses being booked in the company’s books and land purchased by related parties below Government registration value, said the statement.

The Ministry cited that during the search, several bank lockers were found, out of which 16 have been operated.