I-T RAIDS PREMISES OF CAFE COFFEE DAY OWNER
In a multi-city operation, income-tax sleuths on Thursday raided offices of Café Coffee Day (CCD) chain’s owner V.G. Siddhartha, son-in-law of former Karnataka chief minister and newlyinducted BJP leader S.M. Krishna, in Karnataka, Tamil Nadu and Maharashtra for alleged tax evasion.
Searches were conducted at 25 locations, including Bengaluru, Hassan, Mumbai, Chennai and Chikmagaluru.
The I-T operation took off from the CCD headquarters in UB City in the morning.
Mr Siddhartha and his family own 10,000 acres of coffee plantations in Chikmagaluru.
He founded the CCD which has 1,530 outlets in 29 states. He also owns luxury resorts in Chikmagaluru, Kabini, Bandipur and Ooty, a tech park and a consultancy firm in Bengaluru.
The Directorate of Income Tax (Investigation) Karnataka & Goa on Thursday raided the sprawling business ‘empire’ of business tycoon V.G. Siddhartha in Bengaluru, Hassan, Mumbai, Chennai and Chikmagaluru for alleged tax evasion and concealment of taxable wealth. Siddhartha is the son-inlaw of former Karnataka chief minister and newly inducted BJP leader S.M. Krishna.
According to sources, the DGIT officials conducted multiple search and seizure operations at 25 locations in Karnataka, Tamil Nadu and Maharashtra, where Siddhartha has business investments including several Coffee Café Day (CCD) outlets, Serai — the chain of luxury resorts in Chikmagaluru, Kabini, Bandipur and Ooty, a tech park and Way2Wealth consultancy firm in Bengaluru. CCD has its global office in Mudigere Road in Chikmagaluru and curing centre on Belur Road in Hassan. The search operations took off Thursday morning from the CCD headquarters in UB City.
Siddhartha founded CCD with its first café on Brigade Road in Bengaluru in 1996. Today the chain with 1530 outlets in 29 states in India claims to have the largest footprint of coffee cafes in the country. He had founded Amalgamated Bean Coffee Trading Company Limited in 1992 and has been its Chairman and Managing Director since January 2015. A first generation entrepreneur Siddhartha and his family own 10,000 acres of coffee plantations in Chikamagaluru.