The income tax department on Wednesday (September 17, 2025) carried out extensive searches at CAPS Gold, leading business and jewelry companies based in Hyderabad.
Almost 15 teams performed current raids across Telangana, Andhra Pradesh, Mumbai and Bengaluru. In Hyderabad, officials searched the company’s headquarters in Banjara Hills and its corporate offices in Kalasiguda, Secunderabad. The residences associated with promoters also controlled in the coordinated operation.
The search was reportedly associated with the ongoing investigation of suspicious tax inconsistencies and came after the reports pointed to discrepancies in the company’s records, especially between gold purchased from the National Mineral Development Corporation and the amount of retailers.
Investigators examine stock registers, purchase orders, tax submission and other financial documents to check whether the shipments were diverted to unanswered channels.
The raids that started early Wednesday morning are expected to continue another two days. The income tax department must still publish an official statement.
Published – September 18 2025 12:05
