1. Home
  2. Rs 650-cr unaccounted assets unearthed during I-T raids on Siddhartha?

Rs 650-cr unaccounted assets unearthed during I-T raids on Siddhartha?

News Network
September 25, 2017

Bengaluru, Sept 25: Income Tax sleuths, searching former chief minister S M Krishna’s son-in-law V G Siddharth’s house and business establishments in Bengaluru and elsewhere in the state and country, have reportedly unearthed Rs 650 crore worth of unaccounted assets. 

Siddharth is the chairman and managing director of Coffee Day Enterprises Ltd and also has other business interests in financial services (way2wealth) and luxury resorts. I-T sleuths raided his house and other firms on September 21 in Bengaluru, Hassan and Chikkamagaluru in Karnataka, Chennai and Mumbai. the searches ended on Sunday.

“The searches involving coffee, tourism, information technology and other areas concluded with an unearthing of Rs 650-crore assets. The detection of undisclosed income is expected to be a much higher figure,” stated a senior I-T officer.

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, an official stated.

Locations searched in Bengaluru included the group’s head office at UB City on Vittal Mallya Road, Siddharth’s house in Sadashivanagar, and his establishments at Rajarajeshwari Nagar and Bagmane Tech Park in C V Raman Nagar. The sleuths seized documents from the office of Coffee Day Global on K M Road in Chikkamagaluru, ABC Coffee Curing, on Belur Road, two estates in Mudigere taluk, a residential school in Chikkamagaluru, and the Serai resorts.

Siddharth, who hails from a family that owns coffee plantations spread over 10,000 acres in Chikkamagaluru, is the founder-owner of the Cafe Coffee Day chain, India’s largest coffee retail chain.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 14,2020

Belagavi, Mar 14: After the first COVID-19 related death reported in the state, less number of people are travelling in North West Karnataka Road Transport Corporation (NWKRTC) buses, official sources said here.

There were less number of travellers on Saturday as compared to any other day.

According to sources, many passengers cancelled their reservations to major cities like Bengaluru, Pune, Mumbai, Goa and Kalaburagi too.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
coastaldigest.com news network
June 21,2020

Udupi, June 21: An entrepreneur lost his life after the car he was driving veered off the road and plunged into a roadside tank near Barkuru in Brahmavar taluk of Udupi district today.

The deceased has been identified as Santosh Shetty, a resident of Vakwadi in Kundapur taluk. He is the proprietor of Laxmi Glass and Plywood, Koteshwara. 

A woman, identified as Shweta, who was also on board the car suffered critical injuries.  

The mishap occurred when the duo was heading to Vakwadi from Brahmavar in Hyundai Car sedan car. 

Shetty lost control over his vehicle while negotiating a curve at Chaulikere and the car plunged off the road as there was no barricade. 

Even though local residents began rescue operation immediately, Shetty breathed his last on the spot. Shweta was rescued and shifted to a hospital in Manipal for treatment.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 21,2020

Mangaluru, Mar 21: The management of Ibrahim Khaleel mosque here on Saturday has decided to temporarily suspend all the prayers inside the mosque premises as a precautionary measure in view of Corona Virus which is spreading like wildfire in the State.

In an official note, the management urged people to remain safe and to pray at home adding that Jumuah, daily prayers and all the other events at the mosques were cancelled temporarily until further notice.

“This is an unavoidable move to save the lives from the infections of deadly Coronavirus” the note added on Saturday.

Comments

Add new comment

About text formats
  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.