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Bengaluru: I-T raids on Cafe Coffee Day founder V G Siddhartha reveals over Rs 650 crore

After raids on properties of businessman V G Siddhartha, son-in-law of former Chief Minister S M Krishna, Income Tax officials have discovered “previously concealed income exceeding `650 crore”.

Published: 25th September 2017 02:20 AM  |   Last Updated: 25th September 2017 09:19 AM   |  A+A-

Mr. V.G. Siddhartha, chairman, Coffee Day Enterprises Limited. (PTI File Photo)

By Express News Service

BENGALURU: After raids on properties of businessman V G Siddhartha, son-in-law of former Chief Minister S M Krishna, Income Tax officials have discovered “previously concealed income exceeding Rs 650 crore”.

According to the Public Relations Office of Income Tax Department, “the detection of undisclosed income is expected to be a much higher figure.”“There are a number of other issues including violations of other statutes on which there is no disclosure but relevant evidence has been found... these will be pursued effectively with vigour, energy and imagination,” the statement added.

Siddhartha, founder-owner of Cafe Coffee Day chain, was raided on September 21.

THE Income Tax Department said in a statement on Sunday that following raids on the properties of businessman V G Siddhartha, tax officials have discovered “previously concealed income.”

Siddhartha, founder-owner of Cafe Coffee Day chain of coffee bars, who has a stake in multiple businesses, is the son-in-law of former Chief Minister S M Krishna, who joined the BJP recently.

The revelation by the Department is expected to give ammunition to both Congress and JD(S) to target BJP in the State. However, Congress leaders had earlier dismissed the raid as a ‘mere eyewash’ as they considered that the raids were conducted to convey a message that they were non-political and even BJP leaders were not spared.

Siddhartha was raided by I-T sleuths on September 21. The raid had continued for the next two days in multiple locations such as Bengaluru, Chennai, Mumbai, Hassan and Chikkamagaluru.

I-T sources had said that about 25 locations were raided, which included Cafe Coffee Day headquarters on Vittal Mallya Road, Siddhartha’s Sadashivanagar residence, Amalgamated Beans Coffee (ABC) Curing Works at Hassan and Chikkamagaluru, Serai Luxury Resorts in Chikkamagaluru, Global Village in Bengaluru and others.

Other properties that were targeted included Way2Wealth Ltd and Global Village Tech Park located in the city.



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