Hyderabad (Telangana) [India], October 9 (ANI): Income Tax Department seized cash over Rs 142 crore during a search and seizure operations carried out on a major Pharmaceutical group based in Hyderabad on October 6, the Ministry of Finance said in an official statement.

"This Pharmaceutical group is engaged in the business of manufacturing of intermediates, Active Pharmaceutical Ingredients (APIs) and formulations. The majority of the products are exported to foreign countries i.e. USA, Europe, Dubai and other African countries," the statement said.

Also Read | Hyderabad: Crocodile Sighted in Musi River in Attapur, Triggers Panic (Watch Video).

According to the ministry, hideouts were identified where the second set of books of accounts and cash were found during the searches and the evidence found in the form of digital media, pen drives, documents, etc, have been seized.

Further, evidence of on-money payment for the purchase of lands was also found and various other legal issues were identified such as personal expenses being booked in the company's books and land purchased by related parties below government registration value," the ministry said.

Also Read | Karnataka Shocker: Minor Girl Gangraped by 5 Men in Dakshin Kannada District; Two Accused Arrested.

"In addition, several bank lockers have been found, out of which 16 lockers have been operated and later resulted in the seizure of cash worth Rs 142.87 crore so far," the statement said.

The unaccounted income unearthed is estimated to be in the range of about Rs 550 crore till now, it added.

The search operation was carried out at about 50 locations in 6 states. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)