The Income Tax (IT) Department is carrying out one of the largest coordinated search operations in recent months across Hyderabad, targeting gold traders, popular restaurant chains and prominent business groups for alleged tax evasion and financial irregularities. Several raids remain Ongoing, with no official confirmation yet on their completion.
Raids Intensify on Gold & Bullion Firms
The crackdown began with extensive searches at well known bullion companies, including CapsGold, whose offices in Banjara Hills, Abids and Secunderabad (Kalasiguda) were raided. IT officials also searched the Residences of CapsGold directors and associated premises linked to the Vasavi Group.
Other bullion firms DP Gold, Yash Oro and Kalasa also came under simultaneous scrutiny. Officials reportedly seized ledgers, invoice books, digital devices and unaccounted cash during the multi day operation. Investigators are examining suspected discrepancies in gold trading volumes and reported turnover.
30 Locations of Biryani Chains Under Scanner
In a separate but parallel operation, the IT Department launched raids across 30 locations associated with Hyderabad’s most popular biryani brands: Pista House, Shah Ghouse and the Mehfil Group. Searches covered corporate offices, kitchens, warehouses and residences of key management personnel.
Authorities are investigating suspected underreporting of sales, cash based transactions and possible discrepancies between point of sale (POS) records and declared income. These chains collectively manage dozens of outlets and generate high volume daily business.
Real Estate and Business Groups Also Targeted
The crackdown expanded to include real estate and corporate entities. Offices and residences linked to the Vasavi Group were searched for a second consecutive day, with documents and electronic records seized.
The IT Department also conducted raids on properties connected to the DSR Group and former Chevella MP G. Ranjith Reddy. Locations searched include Jubilee Hills, Banjara Hills, SR Nagar and Suraram. Officials are investigating alleged tax discrepancies, unexplained investments and irregularities in construction projects.
Raids Expected to Continue
Sources indicate that these operations are part of a larger financial scrutiny drive across Telangana. Given the volume of collected documents and data the IT Department is expected to continue investigations for several more days.
So far, authorities have Not issued any statement confirming the conclusion of the raids. More disclosures are likely once verification of seized materials is completed.
Significant Impact on Business Community
The wide ranging nature of these raids has triggered discussion within Hyderabad’s business circles, particularly the gold trade and hospitality sectors. Many expect further actions as the IT Department deepens its probe into concealed income and undisclosed transactions.
