Bangalore News

Rs.650Cr concealed income recovered from VG Siddhartha’s CCD offices, residence: IT Dept

Rs.650Cr concealed income recovered from VG Siddhartha’s CCD offices, residence: IT Dept

Bengaluru (Karnataka) [India]: The Income Tax (IT) Department on Sunday concluded with admission of over Rs. 650 Crore worth of previously concealed income from the offices and residence of Former Karnataka Chief Minister SM Krishna’s son-in-law VG Siddhartha, who owns the popular cafe chain Cafe Coffee Day (CCD).

The IT Department, who began raids on Thursday, revealed that the detection of undisclosed income is expected to be a much higher figure than quoted.

“There are 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 pursued effectively with vigour, energy and imagination,” the IT Department assured.

The IT Department began conducting a search operation on Thursday, following which over 20 locations in Bengaluru, Mumbai, Chennai and Chikmagalur were raided, along with Cafe Coffee Day’s main branch in UB City, Bengaluru.

The raids caused a five percent decline in the shares of the cafe chain. (ANI)