650 Crore Seized From Cafe Coffee Day Outlets In Multiple IT Raids!

Concealed documents were seized from the search operations at 25 Cafe Coffee Day outlets and its group companies in Karnataka, Mumbai, and Chennai.

Cafe Coffee Day, CCD, IT raid, V.G. Siddhartha, Minister S.M. Krishna, 650 crore

The corporate office of ABC Trading Company, its branch offices at Chikkamagaluru, Mudigere, and Sakeleshpur in Karnataka's’ Malnad region was also searched during the raid.

Since Thursday, the Income Tax (IT) department raided Cafe Coffee Day (CCD) retail chains and found Rs 650 crore concealed income from the documents seized.

Hindustan Times quoted a senior tax official saying, “Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai and Chennai have revealed concealed income of over Rs 650 crore.”

Source: hungry 

The offices of the group involved in coffee, tourism, IT and other areas concluded the search and seized operation on Sunday which began on September 21.

 An IT official in an e-mail to IANS, “The searches concluded with the group’s officials admitting to concealed income exceeding Rs 650 crore and the detection of undisclosed income, which is expected to be a much higher figure.”

 “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 as part of our investigation,” added the official in the e-mail.

Source: news

The IT department searched the offices and residence of  CCD’s founder V.G. Siddhartha along with his other officials in Bengaluru, Chikkamagaluru, Hassan and Mysuru across Karnataka in the last four days.

Well, owner of the CCD franchise V.G. Siddhartha is the elder son-in-law of former External Affairs Minister S.M. Krishna. Krishna also served as Chief Minister from 1999 to 2004. However, he left the Congress to join the Bharatiya Janata Party, earlier this year.

The IT raids were commenced under the direction and supervision of BR Balakrishnan, the Income Tax department’s investigation cell director-general.

Source: IBtimes

 “Though we have found and seized a number of documents related to properties, business transactions, and other dealings, they are subject to scrutiny for violations, if any,” added the official.

Title Image: indiatimes

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Sumaiya Sheikh (WRITER)

Sumaiya believes in expressing her thoughts with the sword of words. This management lover handled 30 and 100 volunteers for All India Interschool Personality Contest in 2013 & 2016 respectively, by Oxford Speakers’ Academy. A chatterbox, she also hosted three shows at All India Radio. This compotator represented KKSU in the inter-university debate competition - Indradhanushya.