Capstone Securities Employees File Complaint With Pune EOW Against Director for Employees’s Salary, TDS Theft and A Massive Financial Scam
Capstone Securities Employees File Complaint With Pune EOW Against Director for Employees’s Salary, TDS Theft and A Massive Financial Scam
Pune: Employees of Capstone Securities Analysis Pvt. Ltd., a capital markets firm operating out of Commerzone IT Park in Yerwada, have filed a joint complaint with the Pune Economic Offences Wing and Yerwada Police Station. They allege months of TDS theft, withheld incentives, unpaid salaries, misuse of PF and repeated false assurances from the company’s management.
The complaint names Managing Director Ravi Tangudu as the main accused, along with senior members of the finance and administration team. Employees claim the company stopped paying salaries for nearly three months, failed to release annual incentives, and did not deposit PF and TDS amounts that were regularly deducted from their pay.
Staff members say these issues have been ongoing since July 2024, despite repeated reminders over email, WhatsApp and in-person visits. They also note that employees were consistently given new payment dates that were never honoured.
According to the complainants, pending dues include unpaid salaries, undeposited PF deductions, undeposited TDS, delayed incentives and final settlements. The combined outstanding amount mentioned in the complaint is over ₹63 crore.
The situation escalated after Director Ravi Tangudu issued a written assurance on November 6, promising that all payments and documents would be cleared by November 10. Employees say he failed to show up on the promised date and no payments were released.
Several employees have also expressed concern that the director may abscond to avoid criminal liability. They have requested a Look-out Circular, a forensic audit of company accounts and recovery of all dues.
Capstone Securities has been active since 2014. Since 2014 Ravi Tangudu took charge as Managing Director and in 2023 he bought the company. The complaint also names financial controller Raja Tangudu and other administrative personnel involved in payroll handling and statutory deductions.
The Pune EOW and Yerwada Police have acknowledged receiving the complaint, and further investigation is expected.
