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Income Tax Department Searches at Pharma Major Dishman Group's Properties in Ahmedabad

The pharmaceutical major and its subsidiaries in other countries were suspected to be involved in 'routing money through accommodation entries', an official said.

PTI

Updated:December 19, 2019, 10:04 PM IST
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Income Tax Department Searches at Pharma Major Dishman Group's Properties in Ahmedabad
Image for representation.

Ahmedabad: The Income Tax Department conducted day-long 'search and survey operation' at the properties of Dishman Carbogen Amcis Ltd, a pharma major, here on Thursday, an official said.

A total of 19 properties — 12 residential and seven offices — of the group, commonly known as Dishman Group, were searched in and around the city.

Rs 26 lakh were seized and 17 bank lockers were attached, said a senior I-T department official. The pharmaceutical major and its subsidiaries in other countries were suspected to be involved in "routing money through accommodation entries", the official said.

The group mainly manufactures bulk drugs, APIs and is also involved in `contract research' and manufacturing. It owns 16 companies in foreign countries including Switzerland, China, UK and US.

Searches were also conducted at the residence of Janmejay Vyas, chairman of the group.

His son Arpit Vyas, who is the MD and CFO of the group and currently in Switzerland, is also under the scanner, the official said.

"Preliminary investigation revealed some bogus entries regarding expenses and donations. We also found documents related to land purchases," he said, adding that futher probe was on.

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