I-T sleuths bust ‘gold dabba’ trading network in T & AP | Hyderabad News – The Times of India

Hyderabad: The Income Tax Department’s Hyderabad wing has unearthed a new modus operandi of gold dabba trading during recent searches on bullion traders across Telangana and Andhra Pradesh. Investigators found that traders were routing investments into illegal and unregulated meta-gold trading platforms operating out of Dubai and Georgia. Officials said that DP Gold was among the entities investing in these platforms, with 25 clients using its channel. The system facilitated deposits and withdrawals in a manner similar to cryptocurrency. “People can send money in cash to invest in gold, and from there it is traded. Withdrawals are made whenever required in cash,” a source said. During the searches, authorities seized 5-6 crore in cash and recovered evidence of cash sales.I-T dept raids firmsIncome Tax investigation teams from the Hyderabad unit raided the premises of CapsGold, Yash Oro India, and DP Gold, along with one address linked to the Vasavi real estate group, as a relative of a Vasavi promoter sits on the board of CapsGold. The raids, conducted simultaneously at Banjara Hills, Kalasiguda in Secunderabad, and the Abids head office, revealed large-scale cash purchases allegedly converted into bullion.Investigators reported that transactions below 2 lakh were structured to avoid PAN disclosure, creating thousands of seemingly legitimate sales. Officials added that evidence of cash purchases being manipulated was found at both top and lower levels of the bullion trade. “We have found sufficient evidence and will analyse the books and digital devices to identify all 25 participants,” a senior official said.At Yash Oro India located in Zehra Nagar, a raid was also conducted. According to officials, money kept changing hands while bullion existed only on paper. Across the three locations, over 5 crore in cash was seized. DP Bullions, incorporated in Nellore in 2009, expanded its operations to Hyderabad in 2013.Sources also revealed that in February 2025, even the Bank of Russia flagged the unregulated and illegal activities of MetaGold.