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IT department finds pharma group gave freebies worth Rs 1000 cr to health professionals

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The Income Tax Department on Wednesday said it has recently carried out search and seizure operations against a major Bengaluru-based pharmaceutical group, Micro Labs whose medicine Dolo650 was in high demand during the Covid waves.

The group has a presence in over 50 countries. The search action covered around 36 premises spread across 9 states.

During the course of the search operations, incriminating evidence in the form of documents and digital data was seized. The initial analysis of the evidence revealed that the group had been debiting in its books of account unallowable expenses on account of distribution of freebies to the medical professionals under the head “Sales and Promotion”.

These freebies included travel expenses, perquisites and gifts to doctors and medical professionals for promoting the group’s products under the heads “Promotion and Propaganda”, “Seminars and Symposiums”, “Medical Advisories” etc.

“The evidence indicates that the group adopted unethical practices to promote its products and brands. The quantum of such freebies detected is estimated to be around Rs 1000 crore,” said the official.

The group was also found to have claimed artificially inflated deduction under special provisions in respect of certain incomes, by resorting to suppression of expenses and over-appropriation of revenue to the unit eligible for such deduction.

Various other means of tax evasion, including inadequate allocation of research and development expenses to eligible units and inflated claim of weighted deduction under section 35 (2AB), were also detected.

“The quantum of tax sought to be evaded through such means is estimated at over Rs 300 crore.

“Instances of violation of provisions of tax deduction at source under section 194C of the Income-Tax Act, have also been detected in respect of transactions under contracts entered into with the third-party bulk drug manufacturers,” said the official.

During the search operation, unaccounted cash amounting to Rs 1.20 crore and unaccounted gold and diamond jewellery worth more than Rs 1.40 crore were seized.

Further investigation in the matter is on.

Business

UPI Lending & Payments Inclusive Towards Underserved & Unbanked Populations; Accelerate Innovation, Make India A Hotspot For Global Investors

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New Delhi: India has emerged as one of the most dynamic fintech markets globally, driven by a potent combination of digital public infrastructure (UPI, Aadhaar, Account Aggregator), a mobile-first population, and regulatory clarity, a report showed on Monday.Fintech-led digital lending grew at 35 per cent CAGR in 2024, driven by rising credit demand, according to the report by QED Investors and Boston Consulting Group (BCG).

Tools like UPI have enabled a wave of fintech innovation from digital lending to payments to wealth particularly benefitting underserved and unbanked populations. These enablers have accelerated innovation and financial inclusion at scale, making India a key focus for both global investors and domestic fintech players, said the Media report.

India features among the top geographies poised for future fintech investment. Investors are encouraged to diversify capital into high-growth regions like India, with an emphasis on AI integration and disciplined scale, it added.India’s affluent middle class, currently 31 per cent of the population, is projected to grow to 40 per cent (nearly 600 million) by 2031.

This demographic shift is fuelling a surge in consumer demand for credit across retail, consumption, and SME sectors.”India stands at a unique inflection point in the global fintech landscape. With a strong foundation in digital infrastructure like UPI, Aadhar, Account Aggregator, and tech-savvy mobile-first population, the country has already shown how innovation can drive financial inclusion at scale,” said Sandeep Patil, Partner and Head of Asia at QED Investors.To win the next chapter, fintechs must pair innovation with disciplined execution.

“That means building trust, demonstrating profitability, and navigating an evolving regulatory landscape with maturity. The Indian market is large, dynamic and underpenetrated — well-positioned to be one of the defining arenas for global fintech over the next decade,” Patil mentioned.Globally, in 2024, fintech revenues grew by 21 per cent — up from 13 per cent in 2023 — marking a threefold acceleration over the financial services industry at large.“A class of scaled fintechs is coming of age

Investors are demanding greater maturity, and regulators want more accountability,” said Deepak Goyal, a managing director and senior partner at BCG.“Meanwhile, emerging disruptors are harnessing next-generation technologies like agentic AI and pioneering new business models, pushing established players to continuously innovate,” he added.

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Business

SEBI confirms ban on LS Industries and key individuals amid fraud probe

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Mumbai, May 31: The Securities and Exchange Board of India (SEBI) has confirmed the suspension of LS Industries, its promoter Profound Finance, and four other individuals from participating in the securities markets.

The action comes as part of an ongoing investigation into allegations of fraudulent activities and manipulation of the company’s share price.

The individuals barred include Jahangir Panikkaveettil Perumbarambathu, the promoter of Profound Finance, as well as Suresh Goyal, Alka Sahni, and Shashi Kant Sahni HUF, a Dubai-based NRI shareholder of LS Industries.

SEBI has extended the deadline for completing the investigation until November 15 and has directed all involved parties to cooperate fully with the inquiry.

Back in February 2025, SEBI had issued an interim order banning LS Industries and its associates from trading in the stock market due to suspicious activities.

The regulator also ordered Perumbarambathu to return illegal gains of Rs 1.14 crore that he allegedly earned through the sale of shares under the suspected scheme.

SEBI ‘s probe centres on LS Industries and its associates being involved in a scheme to artificially boost the company’s share price.

Despite having reported almost no revenue for three consecutive financial years (FY22 to FY24) and the first three quarters of FY25, the company’s stock surged dramatically.

Between July 23 and September 27, 2024, the share price skyrocketed from Rs 22.50 to Rs 267.50 — raising the company’s market valuation to an eye-popping Rs 22,700 crore.

This sharp rise in share price occurred without any improvement in the company’s financial performance, raising red flags.

SEBI’s interim findings noted dubious transfers of shares to Perumbarambathu and unusual trading patterns by some individuals.

The regulator stated that these factors strongly suggested a deliberate plan to mislead investors and manipulate the stock.

SEBI emphasised that it appeared, on the surface, that LS Industries and the other parties were involved in a coordinated effort to deceive the market.

“The investigation is ongoing, and the parties will remain barred from market activities until its conclusion,” the market regulator stated.

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Crime

Woman drug supplier arrested in Delhi’s Mangolpuri; ganja seized

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New Delhi, May 31: A woman drug supplier was arrested from Delhi’s Mangolpuri area and 427 grams of ganja was recovered from her possession, police said on Saturday.

The accused was identified as ‘M’. The arrest comes amid the Delhi Police’s ongoing crackdown on narcotics under its ‘Zero Tolerance’ policy and the broader objectives of the Nasha Mukt Bharat Abhiyan (NMBA).

Acting on a tip-off received by Constable Bajrang of Police Station Mangolpuri that a female was allegedly in possession of ganja, a raid was conducted at the specified location.

Constable Bajrang and a female staff member observed a suspicious female carrying a white polythene bag.

“On noticing the presence of police personnel, the suspect attempted to hide. However, the alert police team, with the assistance of a female staff namely W/HC Pooja, swiftly apprehended her,” said Sachin Sharma, Deputy Commissioner of Police, Outer District, New Delhi.

A polythene bag containing 427 grams of ‘ganja’ and Rs 1,470 in cash was recovered from the possession of the accused.

The accused was booked under Section 20(A) of the Narcotic Drugs and Psychotropic Substances (NDPS) Act, 1985 at Police Station Mangolpuri.

Further investigation is underway to identify and apprehend other associates involved in the illegal drug trade, the police said.

In another case on May 29, the Anti-Narcotics Task Force (ANTF) of the Delhi Police Crime Branch arrested Jameel Ahmad, the alleged mastermind of a major drug trafficking syndicate. Ahmed has been absconding for six years.

The case dates back to June 2019, when the then Narcotics Cell (now ANTF) of the Crime Branch seized 500 kg of ganja from a truck at Metcalfe Bus Stand, Kashmere Gate.

Three persons — Aslam Khan and Mausam Khan, both from Nuh district in Haryana, and Jakam Khan from Alwar, Rajasthan — were arrested in connection with the consignment, who revealed that they had committed the crime at the behest of Ahmed.

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