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Money laundering case: Assets of Hygro Chemicals Pharmtek seized by ED
![Money laundering case: Assets of Hygro Chemicals Pharmtek seized by ED Money laundering case: Assets of Hygro Chemicals Pharmtek seized by ED](https://medicaldialogues.in/h-upload/2022/02/05/750x450_169841-money.webp)
New Delhi: The Enforcement Directorate (ED) has attached assets of a Telangana-based Hygro Chemicals Pharmtek Pvt Ltd in connection with a money laundering case linked to the illegal manufacture of a scheduled drug, the federal agency said on Friday.
A provisional order has been issued under the Prevention of Money Laundering Act (PMLA) to attach Rs 1.93 crore-worth fixed deposits of Hygro Chemicals Pharmtek Pvt Ltd located in Medak district of the state, it said in a statement.
Hy-Gro came into existence in the early 1970s first as a trading company and then ventured into the manufacturing of bulk drugs as an associate company in 1980.
Read also: Uttar Pradesh: Fake Covid-19 vaccines, testing kits worth Rs 4 crore seized, 5 arrested
The company is said to be accused of "illegally manufacturing and dealing" in a scheduled drug identified as Dextro Propoxyphene Hydrochloride (DPP HCL).
Dextropropoxyphene is indicated for the treatment of mild pain and also has antitussive (cough suppressant) and local anaesthetic effects.
"The ED launched a criminal probe against the company after studying a complaint filed by the Hyderabad office of the Directorate of Revenue Intelligence", reports PTI.
Read also: Agra based Madhav Pharma sealed for selling fake vitamin tablets
Hygro Chemicals Pharmtek Pvt Ltd had a licence from the Central Bureau of Narcotics, Gwalior, to manufacture DPP HCL but the company "misused" it and illegally despatched 6,450 kg of the drug to a partnership concern called J K Pharma Agencies, New Delhi, during 2004-2006, and they mis-declared the same as some other chemical, the ED said.
DPP HCL, it said, can be used as a raw material to make narcotic substances.
The drug was then illegally sold at the rate of Rs 3,000 per kg, and thus, the accused company generated proceeds of crime worth Rs 1,93,50,000, the ED said.
Read also: Delhi :Illegal Oxytocin injections worth Rs 22 lakh seized
Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751