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Sep, 21 2017

Income tax raided cafe coffee day office in Karnataka

Income Tax officials began raids on the offices of Cafe Coffee Day founder and investor V.G.Siddhartha at multiple locations in Mumbai, Bengaluru and Chennai, including his hometown of Chikmagalur in Karnataka.

Income Tax officials began raids on the offices of Cafe Coffee Day founder and investor V.G.Siddhartha at multiple locations in Mumbai, Bengaluru and Chennai, including his hometown of Chikmagalur in Karnataka. The search operations began in the morning, and are continuing now. Initial reports said the IT teams conducted searches at about 20 locations including at Siddhartha’s residence in Bengaluru, his Coffee Day, and Way2Wealth offices. 

Sidhatha is the son-in-law of former Karnataka Chief Minister and Foreign Minister in the UPA regime S.M.Krishna. After decades of association with the Congress, Krishna joined the BJP in March this year in the presence of party’s national president Amit Shah. The veteran politician’s switch was provoked by reports that the first family of the Congress had apparently ignored him.

The Coffee Day stock is trading in the red, and had lost about 4% at 11 am.

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