Income Tax (IT) sleuths conducted simultaneous raids on Bengaluru-based pharma major Micro Labs Ltd. on Wednesday.
Micro Labs’s major product Dolo 650 made big business during the COVID-19 pandemic and the company emerged as the leader in the sector. Reports suggest the firm sold 350 crore Dolo 650 tablets since the outbreak of the pandemic in 2020.
Over 200 IT sleuths from the Income Tax department reportedly conducted raids at over 40 locations across the country, including Bengaluru, where the corporate headquarters of the company is in Madhavanagar, Race Course Road. Residences and the company’s leadership Dileep Surana and Anand Surana in the city were also raided. Raids were also reportedly conducted at Micro Labs facilities in Delhi, Tamil Nadu, Goa, and Sikkim.
Both the Income Tax Department and Micro Labs have been tightlipped about the raids. “We do not have any comment to offer at this point of time,” said Jairaj Govindaraju, executive V-P, Marketing and Corporate Communications, Micro Labs Ltd.