Income Tax raids on Cafe Coffee Day owner

Bengaluru sept 21: The income tax department has started raids on the premises of Cafe Coffee Day chain of restaurants owner VG Siddhartha. over 20 locations in Bengaluru, Mumbai, Chennai, and Chikmagalur have been being raided so far.

Currently, the shares of Cafe Coffee Day fell 4.5 percent to Rs 230.40 on the Bombay Stock Exchange.Siddhartha is the son-in-law of former Karnataka chief minister SM Krishna who quit the Congress in January and has joined the BJP this year.

Siddhartha hails from a family which has been in the coffee business for over 140 years. He inherited 500 acres of the coffee plantation from his father. Currently, the raids are being continued and officials have not revealed the amount they have confiscated.