Income Tax Dept. launches multi-city raids on Caps Gold

The Income Tax Department on Wednesday (September 17, 2025) carried out extensive searches on Caps Gold, a leading bullion merchant and jewellery company based out of Hyderabad.

Nearly 15 teams carried out simultaneous 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. Residences linked to the promoters also came under scrutiny as part of the coordinated operation.

The searches were reportedly connected to an ongoing investigation into suspected tax irregularities and comes after reports pointed to discrepancies in the company’s records, particularly between the gold purchased from the National Mineral Development Corporation and the quantities reported as sold to retailers.

Investigators are examining stock registers, purchase orders, tax filings and other financial documents to check if consignments were diverted into unaccounted channels.

The raids, which began early on Wednesday morning, are expected to continue for the next two days. The Income Tax Department is yet to release an official statement.