Income tax conducts multi-city raids on CapsGold offices over suspected gold tax evasion

U Sudhakar Reddy / TNN / Updated: Sep 17, 2025, 08:05 IST

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The Income Tax Department conducted searches on CapsGold Pvt. Ltd., a prominent bullion merchant and jeweler, across multiple cities including Hyderabad, Secunderabad, and Bengaluru. Fifteen teams were formed to investigate suspected tax evasion, particularly in gold sales, as the Diwali season approaches.

Income tax conducts multi-city raids on CapsGold offices over suspected gold tax evasion

The Income Tax Department conducted searches on CapsGold Pvt. Ltd., a prominent bullion merchant and jeweler, across multiple cities

HYDERABAD: The Income Tax Department on Wednesday morning conducted searches on CapsGold Pvt. Ltd., a well-known bullion merchant and jewellery company with a presence in Hyderabad, Secunderabad, Vijayawada, Bengaluru, and Mumbai.According to officials, 15 teams were formed to carry out the searches across multiple cities and locations. In Hyderabad, the company’s Banjara Hills office was raided, while in Secunderabad, the Kalasiguda branch was searched. The head office at Abids was also covered. Residences linked to the promoters were searched simultaneously.Sources said the action is part of an investigation into suspected tax evasion, particularly in gold sales. With the Diwali season approaching, officials are examining records related to transactions and retail schemes run by the company.

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CapsGold, earlier known as Chanda Anjaiah Parameshwar (CAP), traces its origins to 1901. Founded by Chanda Anjaiah Parameshwar, it grew into one of the country’s top three bullion merchants with hallmark certification. Over the decades, the family-run business expanded from wholesale gold and silver trading into retail jewellery outlets and bullion sales across South India.

The company’s board is headed by Chairman Chanda Narasimha Rao, with Srinivas Chanda, Sreenivas Rao Chanda, and Venkatesh Chanda as directors.As the searches continue, officials are verifying stock, sales data, and scheme-related financial records. Residences of the directors were also searched.

About the Author

U Sudhakar Reddy

Sudhakar Reddy Udumula is the Editor (Investigation) at the Times of India, Hyderabad. Following the trail of migration and drought across the rustic landscape of Andhra Pradesh and Telangana, Sudhakar reported extensively on government apathy, divisive politics, systemic gender discrimination, agrarian crisis and the will to survive great odds. His curiosity for peeking behind the curtain triumphed over the criminal agenda of many scamsters in the highest political and corporate circles, making way for breaking stories such as Panama Papers Scam, Telgi Stamp Paper Scam, and many others. His versatility in reporting extended to red corridors of left-wing extremism where the lives of security forces and the locals in Maoist-affected areas were key points of investigation. His knack for detail provided crucial evidence of involvement from overseas in terrorist bombings in Hyderabad.

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