ED attaches FDs of Hyderabad drug manufacturer Hygro Chemicals

Made illegally, the scheduled drug is raw material to make narcotics

Hyderabad: Officials from enforcement directorate (ED) provisionally attached fixed deposits worth Rs 1.93 crore belonging to Hygro Chemicals Pharmtek Pvt Ltd in Bolarum under the Prevention of Money Laundering Act (PMLA) 2002, for illegally manufacturing a scheduled drug DextroPropoxyphene Hydrochloride (DPP HCL). When in the wrong hands, DPP HCL can be used as a raw material to make narcotic substances.

The agency initiated money laundering investigation on the basis of a case registered by Directorate of Revenue Intelligence (DRI), Hyderabad, for illicit purchase, manufacture and inter-state sale of a scheduled drug under the provisions of Narcotic Drugs and Psychotropic Substances (NDPS) Act 1985.

The company, which had a licence from Central Bureau of Narcotics, Gwalior, for manufacture of DPP HCL, had misused it to illegally dispatch 6,450 kgs of DPP HCL to a partnership firm J.K. Pharma Agencies in New Delhi from 2004 to 2006.

The drug was sold at Rs 3,000 per kg by which the company generated revenue to the tune of Rs 1,93,50,000. The agency traced the money that was in the form of fixed deposits.

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