Hyderabad, Sept 18 (Maxim News): IT raids continue for the second day in the city. Along with Vasavi Group, the authorities are investigating the taxes paid by Kalasa Jewellery and Caps Gold companies in the past five years. IT raids are continuing at the homes of family members of Caps Gold company director Chanda Srinivasa Rao. IT officials have collected key evidence from several companies where Chanda’s family members are directors.
IT raids are being conducted in Hyderabad as well as Warangal. IT officials are also conducting inspections at the residences of Chanda Srinivasa Rao, Chanda Abhishek and Chanda Sudheer. IT searches are also being conducted at Vasavi Builders. Since yesterday, searches have been ongoing at Vasavi office and the house of Vasavi chairman Vijay Kumar Yerram. IT officials were present at Vasavi office throughout the night and conducted further searches.
ED Searches
On the other hand, ED searches are underway in West Marredpally, Secunderabad. ED officials conducted searches at the residences of businessman Burugu Ramesh and his son Vikrant in Weldington Enclave. ED seized several key documents during the searches. Burugu Vikrant is a director of Caspo Legal Services Private Limited, Mahadeva Jewelers and Rajshri Foods. ED has found irregularities in the purchase and sale of gold in Mahadeva Jewelers. Vikrant is also a director of Mahadeva Jewelers and some other companies. ED has found that money laundering and FEMA regulations have been violated in this process. ED searches will continue till tonight. (Maxim News)
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