On Wednesday, the Income Tax Department raided the office of popular drug Dolo-650 maker, Micro Labs Limited, located in Bengaluru. The Dolo-650 tablet has become a popular drug after its widespread use by Covid-19 patients over the past two years. The pharmaceutical company is facing allegations of tax evasion.
Income tax department officials said they are now reviewing pharmaceutical companies’ financial records, balance sheets and distribution networks as part of their research.
A team of more than 20 IT associate officers led the raids on the drugmaker’s Race Course Road office. According to PTI, IT department sources said simultaneous raids were carried out in 40 locations by 200 agents across the country, including New Delhi, Sikkim, Punjab, Tamil Nadu and Goa. Sources said the residences of Micro Labs CMD Dileep Surana and Director Anand Surana were also raided.
The company had struck gold during successive waves of the Covid-19 pandemic. It has sold 3.5 billion tablets since the Covid-19 outbreak in 2020 and made revenue of Rs 400 crore in a year, with Dolo-650 sales breaking all records.
On its website, the company mentioned that it is engaged in the manufacturing and marketing of pharmaceutical products and has 17 manufacturing units across the country in addition to its overseas operations.