CCD investigation reveals Late VG Siddhartha took out Rs 3535 Crore

Investigation was on peak into the alleged suicide case of VG Siddhartha, owner of Coffee Coffee Day Group.

Yogita S.
Published on: 25 July 2020 3:44 AM GMT
CCD investigation reveals Late VG Siddhartha took out Rs 3535 Crore
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CCD investigation reveals Late VG Siddhartha took out Rs 3535 Crore

New Delhi: Investigation was on peak into the alleged suicide case of VG Siddhartha, owner of Coffee Coffee Day Group. In this matter results revealed that a transfer of Rs 3,535 crore was made by his private companies from the parent company. After this investigation, the Income Tax Department has got a clean chit, because he was being accused of mental torture of Siddharth.

Mysore Amalgamated Coffee Estates:

The report of the investigation led by former CBI DIG Ashok Kumar Malhotra. His investigation stated that Siddharth's Coffee Day Enterprise Ltd (Mysore Amalgamated Coffee Estates Ltd, MACEL) owned by Coffee Day Enterprise Ltd (CDEL) The subsidiaries owe Rs 3,535 crore.

Income Tax raids on Cafe Coffee Day chain owner in KarnatakaÂ

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As per the audit details, on March 31, 2019, MACEL was shown to owe Rs 842 crore to CDEL subsidiaries. Thus, an amount of Rs 2,693 crore was considered as incremental outstanding. The investigation found that CDEL started the process to get this money from MACEL.

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CCD owner's forensic report corroborates suicide theory: Police

Late VG Siddhartha

Let us tell you, former CCD owner VG Siddhartha died last year in July. His body was found near a beach side.

a letter written on his letter head with his signature on it has been found where V G Siddhartha could be seen taking blame for his failure as an entrepreneur.

“I have failed as an entrepreneur, I would like to say I gave it my all. I am very sorry to let down all the people that have put their trust in me,” said Siddhartha in a letter purportedly written to the Board of Directors and employees of Coffee Day Enterprises.

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Yogita S.

Yogita S.

Media Graduate, News Editor and PR Enthusiast.

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