HYDERABAD: Income Tax officials on Wednesday raided several locations of CapsGold, a well-known jewellery firm, and Vasavi Group Constructions across multiple cities on suspicion of tax evasion.
At least 10 I-T teams carried out searches, examining company transactions related to business operations and tax payments.
CapsGold, earlier known as Chanda Anjaiah Parameshwar (CAP), was founded in 1901 as a family-owned business and has since grown into one of the country’s leading gold and silver bullion merchants.
The company, which holds Hallmark Certification, is among the top three bullion merchants in India. Its website highlights accountability, integrity and reliability as its core values.
The firm is currently chaired by Chanda Parameshwar. However, there has been no official confirmation yet on tax evasion charges against the companies.
Krithika Infra MD held for duping 50 of Rs 20 crore
LB Nagar police have arrested Dumavatu Srikanth, managing director (MD) of Krithika Infra Developers, for allegedly cheating nearly 50 buyers of around Rs 20 crore through pre-launch offers.
Police said Srikanth, arrested on September 13, is named in more than 15 cases. Victims reportedly paid between Rs 20 lakh and Rs 50 lakh each for plots that were never delivered. The case is under investigation.