IT raids houses, offices of SM Krishna's son-in-law

IT raids on former external affairs minister S M Krishna's son-in-law's firms

The searches, which are ongoing, covered over 20 locations in Bengaluru, Mumbai, Chennai and Chikmagalur, including the Coffee Day Square in Bengaluru, the headquarters of Cafe Coffee Day, and Way2Wealth offices.

The Coffee Day Enterprises stock fell up to 7.5 percent in Thursday trade after Income Tax department conducted search operations at multiple locations of Cafe Coffee Day, the leading retail coffee chain in India. The IT officials, who began their operations in the morning, continued them till after midnight, and are questioning a senior executive. This was apart from corporate offices of Coffee Day Enterprises. The officials also searched his residence in Sadashivanagar in Bengaluru, but left the premises on Thursday evening itself.

The company sources coffee beans from its plantations in Chikkamagaluru. He only recently joined the BJP. He runs logistics company Sical, has a furniture business under the brand Daffco, owns the financial services business Way-2Wealth, and runs resorts under the Serai brand.

According to a report in The Hindu, the raid was conducted to verify if there was any undisclosed income and has no relation with any past case.

Coffee Day Enterprises could not be immediately reached for comments over telephone and email. "We continue to comply with laws of land and will extend all co-operation with the concerned authority".

Chikkamagaluru: About 10 tax officials visited the office of Coffee Day Global on K M Road here. It had 1,530 outlets across 29 states in March 2015.

The curing centre is one the oldest properties owned by Coffee Day.

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