Hetero drugs raided by IT officials

Hetero Drugs, a pharma company based out of Hyderabad, is one of the biggest pharma companies in India. IT raids took place at all major Hetero offices in the city today after the CBI was tipped off that the company has been evading income tax on a large scale for the past few years. Hetero drugs is promoted by B Parthasarathy Reddy, who is a close aide of Andhra Pradesh Chief Minister YS Jagan Mohan Reddy’s.

In fact, Reddy is one of the accused in the quid pro quo case involving Jagan, being probed by the CBI since 2012. A charge sheet has been filed in the court against Reddy, for investing in Jagan’s companies, as a return favour for the favours he was granted by the AP government during YSR’s rule. Jagan gave a contract to Reddy for developing 400 schools in AP, under the Nadu-Nedu scheme, after coming to power in 2019, and even made Reddy a member of the TTD trust board.

Simultaneous raids have been conducted at various Heter frugs offices, at the same time today, including the pharma manufacturing unit at Jeedimetla and Sanathnagar, where the company has been manufacturing Covid related drugs. Additionally, raids have also been conducted at the residences of Hetero Drugs directors and CEO. Raids are expected to be conducted at three other places, other than Hyderabad also, but there’s no information on what these places are. On the other hand, raids were conducted on the offices of the Ramky group, and the residence of its directors, a few days ago. Incidentally, the Ramky Group also happens to be one of Jagan’s beneficiaries.