5 days ago
- Business
- New Indian Express
Lucent drugs firm under lens for drug business with Pakistan
The investigation revealed that the firm was engaged in the manufacture and export of Tramadol to overseas clients, including those based in Pakistan. Initially, the company obtained a No Objection Certificate (NOC) from the Central Bureau of Narcotics to export Tramadol to Pakistan. However, this approval was later cancelled.
To circumvent the order, the accused allegedly re-exported 13,800 kg of Tramadol, valued at approximately Rs 4.12 crore, to Pakistan through their overseas client M/s CHR Olesen Pharmaceuticals of Denmark, and 5,000 kg, valued at approximately Rs 1.34 crore, through M/s SM Biomed of Malaysia.
As a result of the illegal exports to Pakistan, M/s Lucent Drugs Pvt. Ltd. received proceeds of crime totalling Rs 5.46 crore in its bank accounts. The ED investigation further revealed that these proceeds were intermingled with the company's regular business operations and projected as legitimate sales revenue from other countries.
Earlier, the ED had attached immovable properties, including a building and factory premises worth Rs 5.46 crore, belonging to the firm.
