I-T Raids on Leading Gold Firm CapsGold in Hyderabad
Hyderabad, September 17:
In a major crackdown ahead of the festive season, the Income Tax Department on Wednesday morning conducted extensive searches on CapsGold Pvt. Ltd., one of South India’s largest bullion merchants and jewellery companies.
According to official sources, 15 special teams were constituted to carry out the raids across multiple cities including Hyderabad, Secunderabad, Vijayawada, Bengaluru, and Mumbai.
🔹 Hyderabad Raids: The company’s Banjara Hills office was searched, along with the Kalasiguda branch in Secunderabad and the head office at Abids. Simultaneous searches were also conducted at the residences of the company’s promoters and directors.
🔹 Focus of Investigation: Officials confirmed that the searches were linked to suspected tax evasion and unaccounted transactions in gold sales. With Diwali around the corner, investigators are scrutinizing the company’s financial records, retail schemes, and stock registers to track possible irregularities.
🔹 About the Company: CapsGold, earlier known as Chanda Anjaiah Parameshwar (CAP), traces its roots back to 1901, when it was founded by Chanda Anjaiah Parameshwar. Over the decades, the family-run firm rose to become one of the top three bullion merchants in India, securing hallmark certification and building trust among traders and customers. The company diversified from wholesale gold and silver trading into retail jewellery and bullion outlets across South India.
🔹 Management: The business is currently headed by Chairman Chanda Narasimha Rao, with directors Srinivas Chanda, Sreenivas Rao Chanda, and Venkatesh Chanda actively managing operations.
🔹 Ongoing Search: Officials are said to be cross-verifying sales data, stock entries, and customer scheme-related transactions. Preliminary findings indicate discrepancies in certain records, though a detailed report is awaited.
Residents near the offices and homes of the company’s directors witnessed heavy security deployment as I-T teams continued their search operations late into the day.
The raids have sent shockwaves across the bullion and jewellery industry, given CapsGold’s prominent standing and vast network in South India.
