Income Tax Raids on CapsGold and Vasavi Group Constructions
Income Tax officials conducted raids on Wednesday at various locations of CapsGold, a prominent jewellery firm, and Vasavi Group Constructions across multiple cities, amid suspicions of tax evasion. Reports indicate that at least 10 Income Tax teams engaged in searches, focusing on company transactions related to operational activities and tax payments.
CapsGold, which was previously known as Chanda Anjaiah Parameshwar (CAP), has a rich history dating back to 1901 as a family-owned business. Over the years, it has evolved into one of India’s leading merchants in gold and silver bullion. The company, which boasts a Hallmark Certification, is among the top three bullion merchants in the country. Its official website underscores accountability, integrity, and reliability as its core values. The firm is presently chaired by Chanda Parameshwar. As of now, no official confirmation has been made regarding the tax evasion allegations against the companies.
Krithika Infra MD Arrested for Fraud
In another development, police in LB Nagar have arrested Dumavatu Srikanth, managing director (MD) of Krithika Infra Developers, for allegedly duping nearly 50 buyers out of around Rs 20 crore through pre-launch offers. Authorities revealed that Srikanth, who was arrested on September 13, is implicated in over 15 cases. Victims reportedly invested between Rs 20 lakh and Rs 50 lakh each for plots that were never delivered. The investigation is ongoing as authorities work to uncover more details about this fraudulent scheme.
