Income Tax Department Raid On Cafe Coffee Day (CCD)
Cafe Coffee Day (CCD) is an Largest Indian cafe chain founded by Chikkamagaluru born entrepreneur VG Siddhartha. The Income Tax (IT) department Raids on Cafe Coffee Day (CCD) Retail chain since Thursday found Rs 650 crore concealed income from the documents seized. Documents seized from the search Operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai and Chennai have revealed concealed income of over Rs 650 crore. To Know More Latest News Click Here
IT department detects Rs 650 crore illegal income in Cafe Coffee Day
The search and seize operations, which has began on September 21, concluded on Sunday evening in the offices of the group involved in coffee, Tourism, IT and other areas. The searches concluded with the group’s officials accepting to concealed income exceeding Rs 650 crore and the detection of hidden income, which is expected to be a much higher figure.
The offices & residence of CCD’s founder owner V.G. Siddhartha and its other officials in Bengaluru, Chikkamagaluru, Hassan and Mysuru across Karnataka were also searched during the last four days. Siddhartha is the elder son-in-law of former External Affairs Minister S.M. Krishna, who was also Chief Minister from 1999 to 2004 but earlier this year left the Congress to join the Bharatiya Janata Party (BJP).
There are a number of other issues, including violations of other statutes on which there is no exposure but relevant evidence has been found. These will be pursued effectively as part of our investigation. The Raids were conducted under the directions and supervision of the Income Tax department’s investigation cell director general BR Balakrishnan.
The Cafe Coffee Day corporate office of the Amalgamated Bean Coffee (ABC) Trading Company, which runs the CCD’s retail outlets across the country, its branch offices at Chikkamagaluru, Mudigere and Sakeleshpur in Karnatakas’ Malnad region were also searched during the exercise.
Though we have found and seized a number of documents related to properties, business transactions and other dealings, they are subject to scrutiny for violations, if any, added the official.