Raids on Cafe Coffee Day chief VG Siddhartha unearth Rs 650 crore
The tax officials had raided V.G. Siddhartha business premises in Bengaluru, Hassan, Mumbai, Chennai and Chikkmagaluru for alleged tax evasion.
Bengaluru: The Directorate of Income Tax (Investigation), Karnataka & Goa, has reportedly unearthed “admission of concealed” income exceeding Rs 650 crore during the search and seizure operations at the multiple locations of business tycoon V.G. Siddhartha, who is also the son-in-law of former Congress chief minister and now BJP leader S.M. Krishna. The Directorate had on September 21 launched the search operations at 25 locations linked with Mr Siddhartha in Karnataka, Chennai and Mumbai.
According to official sources, the raids against the group, which is involved in “coffee, tourism, information technology and other areas concluded with an admission of previously concealed income exceeding Rs 650 crore. The detection of undisclosed income is expected to be a much higher.”
Besides the alleged admission of over Rs 650 crore concealed income, the Income Tax officials also unearthed 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 effectively pursued," said an officer on condition of anonymity. The tax officials had raided Mr Siddhartha’s business premises in Bengaluru, Hassan, Mumbai, Chennai and Chikkmagaluru for alleged tax evasion and concealment of taxable income.