Overview
- Searches began around 6 a.m. with roughly 15 teams targeting CAP Gold’s Secunderabad headquarters and the homes of board members across Hyderabad, Warangal and other locations.
- Simultaneous raids were conducted at Vasavi Group offices, including its Banjara Hills location.
- Officials collected ITRs, gold purchase and supply records, transaction forms and balance sheets, along with Vasavi’s land and investment details and customer payment records.
- Investigators suspect cash may have been routed from CAP Gold to Vasavi Group, potentially explaining discrepancies in last year’s filings.
- Several CAP Gold directors also hold roles in Vasavi entities, with Abhishek Chanda listed as a director of 15 companies, and the case remains under forensic review with no public charges announced.