Tainted Pharma baron Bandi Parthasaradhi Reddy to donate 5kg gold to Yadadiri temple

Hetero is the second richest pharma group in Hyderabad. Income Tax sleuths seized Rs 142 Crore from his ‘hideouts’. Taxmen said the estimated amount of unaccounted cash was around Rs 550 Crore.

By Newsmeter Network  Published on  20 Oct 2021 6:45 AM GMT
Tainted Pharma baron Bandi Parthasaradhi Reddy to donate 5kg gold to Yadadiri temple

Hyderabad: Tainted Pharma baron Bandi Parthasaradhi Reddy has pledged to donate 5 kg gold to Sri Lakshmi Narasimha Swamy Temple. Reddy is among the top businessmen and TRS leaders who have pledged gold to the deity.

Founder of Hetero labs, Bandi Parthasaradhi Reddy had recently hogged the headlines after Income Tax raided his premises and recovered Rs 142 cash,

Hetero is the second richest pharma group in Hyderabad. Income Tax sleuths seized Rs 142 Crore from his 'hideouts'. Taxmen said the estimated amount of unaccounted cash was around Rs 550 Crore.

The income tax searches that went on for two days were carried out at 50 locations in six states. During the searches, hideouts were identified where a second set of books of accounts and cash were found stacked. Sleuths found discrepancies in purchases made from bogus and non-existent entities and artificial inflation of certain heads of expenditure were detected.

Hetero Pharmaceutical group manufactures intermediates, active pharmaceutical ingredients (APIs), and formulations. The majority of the products are exported to foreign countries including the USA, Europe, Dubai, and other African countries.

According to the Huran India Rich List 2021, B. Parthasaradhi Reddy and the family of Hetero Labs have cumulative wealth of Rs. 26,100 Crore. His wealth has grown by 88% in a year. He ranked 58th in the wealthiest Indians list.

While Hetero lab founder is not the only business tycoon to announce the donation. Kaveri seeds owner Bhaskar Rao has pledged one kg of gold.




Donors

Six TRS MLAs, MLCs from Rangareddy, and Medchel districts have come forward to donate 6 Kgs of gold to Yadadiri Temple. They include Chevella MP Ranjit Reddy, MLCs K Naveen Kumar, and Sambipur Raju. Serillingampally MLAs A Gandhi, Malkajgiri M Hanmanth Rao, Kukatpally MLA M Krishna Rao, and KP Vivek Anand, have pledged to donate one kg of gold each. While spiritual leader Chinna Jeeyar has also announced to donate 1 kg of gold.

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