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Shares of Coffee Day Enterprises tumbled 10 per cent intraday on reports that the Income-Tax Department raids on Cafe Coffee Day (CCD) retail chain since Thursday found Rs 650 crore concealed income from the documents seized.
The I-T Department had on Sunday concluded raids on the premises linked to former union minister S M Krishna's son-in-law V G Siddhartha, who is also founder-owner of Cafe Coffee Day, the country's largest coffee retail chain.
A senior public relations official of the I-T Department in Bengaluru confirmed that the department has detected over Rs 650 crore of undisclosed income linked to Siddhartha, after four days of raids.
Months after former union Minister and former Karnataka chief minister SM Krishna joined the Bharatiya Janata Party (BJP), income-tax authorities conducted search and seizure operations on his son-in-law VG Siddharth, a businessman and owner of the popular Café Coffee Day (CCD) chain and a major investor in software services firm MindTree.
The I-T operations, which commenced early Wednesday morning, were conducted at multiple places in Bengaluru, Hassan, Chikmagalur, Chennai, and Mumbai.
According to I-T department sources, the operations were carried out in more than 25 premises belonging to Siddharth. I-T sleuths also said operations were conducted in relation to a new case to verify if there was any undisclosed income and not related to any of the past cases.
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