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.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.
