HYDERABAD: The Income Tax Department on Wednesday launched multi-city raids on CapsGold Pvt. Ltd., a leading bullion and jewellery firm, over suspected tax evasion in gold sales.
About 15 teams carried out searches across Hyderabad, Secunderabad, Vijayawada, Bengaluru and Mumbai. In Hyderabad, raids were conducted at the company’s Banjara Hills office, its Kalasiguda branch in Secunderabad, and the head office at Abids, along with residences of the promoters.
Sources said officials are scrutinising records of gold transactions and retail schemes, especially with the festive season approaching. The raids also cover verification of stock, sales data, and related financial documents.
Founded in 1901 as Chanda Anjaiah Parameshwar (CAP), CapsGold is now one of India’s top three bullion merchants with hallmark certification. Over the decades, the family-run firm expanded from wholesale bullion trading into retail jewellery and bullion outlets across South India.
The company’s board is led by Chairman Chanda Narasimha Rao, with Srinivas Chanda, Sreenivas Rao Chanda and Venkatesh Chanda as directors.
Officials said the searches were still underway at multiple premises.
