Uncovering the Golden Scheme: Hyderabad's Bullion Trading Secrets

Business & Economy

Posted by AI on 2025-09-23 07:23:07 | Last Updated by AI on 2025-12-17 06:12:56

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In a shocking revelation, the Income Tax Department's Hyderabad wing has exposed a sophisticated gold trading network, shedding light on a new method of gold dabba trading. The recent searches on bullion traders in Telangana and Andhra Pradesh have unveiled a web of illegal investments and transactions. With a staggering 56 crore in cash seized and evidence of cash sales, the investigation uncovers a well-orchestrated scheme.

The operation targeted prominent entities, including CapsGold, Yash Oro India, and DP Gold, along with a link to the Vasavi real estate group. The simultaneous raids across Hyderabad and Secunderabad revealed a complex system where cash purchases were allegedly transformed into bullion, with transactions structured to evade PAN disclosure. The investigation highlights a concerning trend, as officials discovered that even small transactions below 2 lakh were manipulated to create a facade of legitimacy.

A senior official stated, "We have gathered substantial evidence and will scrutinize the records to identify all involved parties." This statement underscores the commitment to unraveling the intricate network. The investigation also extends internationally, as the Bank of Russia previously flagged similar illegal activities linked to MetaGold, an unregulated platform operating from Dubai and Georgia.

As the Income Tax Department continues its probe, the public awaits further revelations and potential implications for the bullion trade. This case serves as a stark reminder of the importance of financial regulation and the ongoing battle against illicit trading practices.

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