The Income Tax Officials have found a new door to knock this week as they have been suspecting pharma giants in the city and their sudden rise of family wealth to thousands of crores which put them in various positions at the recently released Hurrans India Rich List ' Top 100 Richest Indians.'
The IT officials have been searching multiple offices and buildings that belong to Hetero Labs, founded by B Paradhasaradhi, one of the pharma giants in the country and state. It was recently featured in the Top 100 list as its wealth grew by an immense 88% and is at 26,100 crores and ranks them above Apollo Group. The raids have taken place simultaneously at the pharma giants head office in Hyderabad and its offices and centers at Vishakapatnam, Andhra Pradesh.
The department seized files and hard disks from raided locations and is trying to examine every detail and look for tax evasion, which they suspect the Hetero group. The Hetero group made national headlines when they undertook agreements to manufacture and sell Remdesivir and Favipiravir, an essential drug used during wave 2.
They were the only guys selling this drug to the entire country during the second wave from March to June. The Hetero Group specializes in creating unique formulations of regular medicines and is the major supplier of cytotoxins and is fully operational in 25 countries globally. It is also the first partner with Russia to manufacture and procure the Sputnik V and bring it to the country. While the raid is still going on, serious questions will be raised, and soon the IT will knock on the doors of other pharma giants.