HYDERABAD: The Income Tax Department carried out searches for the second day at the offices of Kalasa and Caps gold, DP Gold, Yashora firms, and at the residences of the directors of these firms in Hyderabad on Thursday.
Sources said the gold firms allegedly violated RBI norms, which require PAN card details for purchases above Rs 2 lakh. The firms reportedly bypassed this and were involved in money laundering by purchasing gold in favour of others.
According to suspects, I-T officials found that huge sums of money were diverted and converted into gold. The firms allegedly raised invoices to small traders across both states to purchase gold on their behalf, thereby favouring others who handed over cash.
Officials seized several invoices, documents, ledgers, and around Rs 2 crore in cash, reportedly kept aside for commissions to small traders who had raised invoices for the firms. Sources added that the raids were likely to continue late into Thursday night.
Chennai ED raids GRK Reddy residence
ED Chennai conducted raids at the residence of GRK Reddy and Marg Group company offices in Hyderabad in connection with the case involving AIADMK former leader Shashikala, a close aide of former TN CM Jayalalithaa. Sources said GRK Reddy, alleged to be a benami of Shashikala, is being investigated in a bank fraud case. He allegedly took loans of around Rs 200 crore and cheated the bank