The Income Tax Department has been conducting raids at the Cafe Coffee Day retail chain since Thursday. From the documents seized the department found Rs. 650 crores concealed income.
A senior tax official reported, “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.”
On September 21st, the search and seize operations had begun and concluded on Sunday evening. The raids were made at offices of the groups in fields related to coffee, tourism, IT and other related areas.
One of the tax officials also reported, “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.”
During the past four days, the offices and residence of CCD founder and owner, V.G. Siddhartha and its other officials in Bengaluru, Hassan, Chikkamagaluru and Mysuru were also searched.
The tax official was quoted saying, “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.”