The Income Tax (IT) Department which conducted raids at the properties belonging to former Union Minister SM Krishna's son-in-law VG Siddhartha, has said that there has been an admission of nearly Rs 650 crore concealed income.
The IT department conducted raids over two days Siddhartha's properties, who is also the chairman and managing director of the Cafe Coffee Day (CCD) group.
"The searches in a group involved in coffee, tourism, information technology and other areas concluded with an admission of previously concealed income exceeding Rs. 650 crore. The detection of undisclosed income is expected to be a much higher figure," reported NDTV quoting a statement from the IT department.
"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 with vigour, energy, and imagination," said the IT Department.
Meanwhile, in a statement, the CCD group said, "Coffee Day Enterprises is a responsible corporate following all norms of corporate governance. We continue to comply with laws of land and will extend all cooperation with the concerned authority."
The sleuths had conducted raids at over 20 locations across the country, including those in Bengaluru, Mumbai, Chennai and Chikkamagaluru, the source said.
Siddhartha also an investor and has stakes in some IT firms, including Mindtree, and is among the largest exporters of coffee bean.
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