The Enforcement Directorate officials conducted raids on various pharmaceutical companies in Hyderabad on Saturday. These raids were carried out at several renowned pharma companies in and around Hyderabad, with at least 15 locations in the city including Banjara Hills, Jubilee Hills, Madhapur and Patancheru being searched by the ED sleuths. The purpose of these raids is yet to be disclosed.
It is worth noting that earlier this week, licenses of 18 pharma companies were revoked for producing counterfeit medicines. The Drug Controller General of India (DCGI), the drug regulator, inspected 76 companies across 20 states before taking this action. However, the names of these businesses have not yet been disclosed.
The Enforcement Directorate is a law enforcement agency in India that investigates economic crimes, money laundering and foreign exchange violations, among other things. Their actions against these pharma companies indicate a possible link to financial irregularities. Further information is expected to be released as the investigation progresses.
