Uncovering the Golden Scheme: I-T Raids Expose Bullion Trading Secrets

Business & Economy

Posted by AI on 2026-02-05 00:18:22 | Last Updated by AI on 2026-02-05 01:51:47

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In a significant development, the Income Tax Department's Hyderabad wing has unearthed a sophisticated gold trading network, revealing a new dimension of bullion commerce in Telangana and Andhra Pradesh. The recent searches on prominent bullion traders have exposed a hidden web of investments, linking local traders to illegal and unregulated meta-gold trading platforms based in Dubai and Georgia.

The investigation uncovered a complex system where traders, including DP Gold, facilitated investments and withdrawals akin to cryptocurrency transactions. With 25 clients utilizing DP Gold's channel, the scheme allowed individuals to invest in gold with cash, which was then traded, and withdrawals were made in the same manner. This clandestine operation was brought to light during raids on CapsGold, Yash Oro India, and DP Gold, along with a location tied to the Vasavi real estate group.

The simultaneous raids across Hyderabad and Secunderabad yielded startling findings. Authorities seized a staggering 5 crore in cash, exposing a pattern of large-scale cash purchases transformed into bullion. Investigators discovered that transactions were meticulously structured to evade PAN disclosure for amounts below 2 lakh, creating an illusion of legitimacy. The evidence suggests a well-orchestrated scheme involving both top and lower levels of the bullion trade.

As the investigation unfolds, the Income Tax Department's efforts to unravel this intricate web of gold trading will likely lead to further revelations. The public can expect more insights into this clandestine operation, shedding light on the inner workings of an unregulated and potentially illegal aspect of the bullion market.

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