I-T Dept raids former Karnataka CM SM Krishna's son-in-law and Cafe Coffee Day owner VG Siddhartha

Siddhartha is the owner of the cafe chain Cafe Coffee Day. The raids are still on at over 20 locations in Bengaluru, Chennai, Chikmagalur, and Mumbai. Cafe Coffee Day's head office in UB City, Vittal Mallya Road has also been raided.

BusinessToday.In

New Delhi,
Sep 21, 2017,
Updated Sep 21, 2017, 1:34 PM IST

Income Tax officials on Thursday carried out search operations at the residence of former Karnataka Chief Minister SM Krishna's son-in-law VG Siddhartha. Siddhartha is the owner of the cafe chain Cafe Coffee Day.

The raids are still on at over 20 locations in Bengaluru, Chennai, Chikmagalur, and Mumbai. Cafe Coffee Day's head office in UB City, Vittal Mallya Road has also been raided.

The Hindu reported that the Income Tax department's search operations were conducted in relation to a new case to verify if there was any undisclosed income and not related to any of the past cases.

Immediately after the raids report, the Coffee Day Enterprises stock slumped up to 7.5 per cent in early trade. At 11:18 am, the stock was trading 3.50 percent lower at 233 on the BSE. The stock fell up to 223.85 level in early trade but recovered losses to trade higher later in the day. The stock has barely moved in an year but has gained 18 percent since the beginning of this year.

Cafe Coffee Day is the largest coffee retail chain in India. VG Siddhartha and his family own a coffee empire that stretches from the 10,000 acres of coffee estates in Chikamagalur, Karnataka. The CCD group has some 918 CCD outlets which spread from Mumbai to Gangtok, from Srinagar to Thiruvananthapuram.

I-T Dept raids former Karnataka CM SM Krishna's son-in-law and Cafe Coffee Day owner VG Siddhartha

Siddhartha is the owner of the cafe chain Cafe Coffee Day. The raids are still on at over 20 locations in Bengaluru, Chennai, Chikmagalur, and Mumbai. Cafe Coffee Day's head office in UB City, Vittal Mallya Road has also been raided.

{{title}}