Hyderabad: The Income Tax (I-T) department recently raided CapsGold Company and the Vasavi realty group in Hyderabad. These actions stemmed from reports of significant black market dealings and tax evasion.
Officials revealed that CapsGold, a major gold trading firm, was a primary target. Raids took place at about 15 sites across Hyderabad, Warangal, and Vijayawada, including the company’s main office in Banjara Hills.
Investigators found that while CapsGold bought gold in large quantities from the Mineral Development Corporation, it allegedly also obtained gold from illegal sources and redirected substantial amounts for undocumented sales.
The I-T department also examined wholesale businesses connected to CapsGold. Early findings indicate extensive tax evasion and deceitful activities.
Meanwhile, another team searched the Vasavi realty group’s offices, a prominent real estate firm in the area.
Authorities confiscated numerous documents and are examining the company’s tax return filings from the last two years.
