Cafe Coffee Day owner VG Siddhartha in 2017 had admitted that he had unaccounted assets worth Rs 658 crore to the Income Tax Department
Bengaluru: In 2017, Cafe Coffee Day (CCD) owner VG Siddhartha, who committed suicide recently, had admitted that he had unaccounted assets worth Rs 658 crore, a media report claimed.
The former CCD chairman, in a sworn statement to the Income Tax Department, admitted having unaccounted assets worth Rs 658,74,76,720, reported Hindustan Times.
Reports also suggested that he had signed that he abided by his admission and had agreed to cooperate in further proceedings related to his unaccounted assets worth Rs 658 crore.
The report also said that the statement from Siddhartha was recorded by the I-T department at his Bengaluru office premises on September 21, 2017.
The unaccounted amount included over Rs 204 crore due to a difference between sale and purchase value of shares he had in various companies in the assessment year (AY) of 2012-13.
He had capital gains to the tune of Rs 146 crore in AY 2012-13 and also kept income of Rs 47.43 crore undisclosed between AY 2011-12 and 2016-17.
As of now, neither the I-T department nor CCD has replied with regards to the sworn statement of Siddhartha.
Siddhartha went missing on July 29 evening from River Nethravathi bridge in Karnataka’s Mangaluru. He had asked his driver to wait at a distance when he walked towards the bridge. When Siddhartha did not return even after half hour, the driver tried to call him, but the phone was switched off.
The family and police were informed and the search for Siddhartha started. While there were speculations that he may have committed suicide, after a 36-hour search operation, his body was found on the shores of River Nethravathi on July 31.
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Last Updated 5, Aug 2019, 9:15 AM