CCD owner son-in-law had Rs 650 crore as hidden income. According to the officials, in the raids conducted since Thursday by the Income Tax Department on Café Coffee Day (CCD), concealed income of Rs 650 crore from the documents has been seized.A senior tax official while giving information said, “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.”
The search and seize operations, which began on September 21, concluded on Sunday evening in the offices of the group involved in coffee, tourism, IT and other areas.Another tax official disclosed, “The searches concluded with the group’s officials admitting to concealed income exceeding Rs 650 crore and the detection of undisclosed income, which is expected to be a much higher figure.” Since last four days, the offices and residence of CCD’s founder owner VG Siddhartha and its other officials in Bengaluru, Chikkamagaluru, Hassan and Mysuru across Karnataka were also searched.
Siddhartha, elder son-in-law of SM Krishna, former External Affairs Minister, who served as Chief Minister from 1999 to 2004 but earlier this year he left the Congress to join the Bharatiya Janata Party. The raids were conducted under the directions and supervision of the Income Tax Department’s Investigation Cell Director-General B.R. Balakrishnan.An official further added that, “Though they have seized a number of documents related to properties, business transactions and other dealings, they are subject to inspection for violations, if any.” During these raids, the 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.
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