Raids on ‘Cafe Coffee Day’ discloses Rs 650 Cr illegal income: I-T Dept

NewsBharati    25-Sep-2017
Total Views |

New Delhi, September 25: The Income tax department department's raids on Cafe Coffee Day (CCD) retail chain has found concealed income of over Rs 650 crores from the documents seized. 

The officials claim that the undisclosed income of CCD owner VG Siddhartha is estimated to be much higher. "There are a number of other issues, including violations of other statutes on which there is no disclosure but relevant evidence has been found," an official said.

I-T department said that evidence to prove violations have been obtained and they will be pursued effectively with vigour.

Over the past three days, over 25 locations in Bengaluru, Mumbai, Chennai and Chikmagalur were searched by the I-T department. The main location of the raids was the CCD office in Vittal Mallaya Road in central Bengaluru.

Search operations are also conducted at the residence of VG Siddhartha, Chairman and Managing Director of the Cafe Coffee Day.

CCD is one of the largest coffee shop franchises in the country with over 1,550 stores, around 31,000 vending machines and 12,000 corporate accounts. The coffee chain has outlets in many international locations including outlets in Prague, Vienna and Kuala Lumpur.