Hyderabad: ED attaches fixed deposits of Hygro chemicals pharmtek

The Enforcement Directorate (ED) on Friday attached the fixed deposits of Hygro Chemicals Pharmtek Private Limited(HCPPL) at Bollaram in Medak district. The officials said that the worth of fixed deposits are worth Rs 1.93 crore.

The ED swung into action following a case registered by the Directorate of Revenue Intelligence (DRI) under Prevention of Money Laundering Act (PMLA) for illegally manufacturing and dealing in a scheduled drug DextroPropoxyphene Hydrochloride (DPPHCL).

The DRI booked a case following the company's illicit sale and purchase, manufacture and interstate sale of the drug under provisions of Narcotic Drugs and Psychotropic Substances (NDPS) Act-1985.

In a press release, it was said that HCPPL which had license from Central Bureau of Narcotics in Gwalior to manufacture of DPP HCL had clandestinely misused their license and illegally dispatched 6450 KG of DPP HCL to a partnership concern – JK Pharma Agencies in New Delhi during the period between 2004 and 2006 via 26 airway bills and by misdeclaring the same as some other chemical.

DPPHCL drug was illegally sold at Rs.3000 per kg and thus the company had generated proceeds of crime worth Rs.1.93 crore.