IT Dept raids Cafe Coffee Day owner VG Siddhartha

SM krishna son in law VG Siddhartha Cafe Coffee day Income tax raids

Seasoned politician Krishna had joined the BJP in March this year after he resigned from the Congress. Officials from Hassan and Mysuru are said to have been involved in the search operations. They are likely to continue on Friday.

Siddhartha has invested in diverse businesses in India and overseas. During his questioning about the source of the cash, the businessman is said to have given out certain leads about the Coffee Day Enterprises which the sleuths followed up. This was apart from corporate offices of Coffee Day Enterprises.

According to S Ramesh, income tax joint commissioner, the department went looking for evidence of tax evasion.

The I-T Department said that the raids on the café chain were conducted in connection to a new case to verify if there was any undisclosed income. "I think with this, (raid on VG Siddhartha) the media will definitely come to a conclusion that Prime Minister Narendra Modi's government is a government which has not influenced the CBI, the Income Tax, the ED". "We continue to comply with laws of land and will extend all co-operation with the concerned authority".

Raids are being conducted at multiple locations, including Siddhartha's offices at Coffee Day Square in Lavelle Road and his residence in Sadashivanagar, both upscale localities in the city. CCD opened its first outlet in 1996 in Bengaluru, and today commands a market share of 46%, with a network almost four times larger than the cumulative footprint of the next four rivals. Police stood guard at the entrances while the search was on.

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

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