Cafe Coffee Day owner VG Siddhartha went missing on Monday (July 29) night. Several reports claimed that VG Siddhartha, son-in-law of former Karnataka chief minister SM Krishna, has allegedly committed suicide by jumping into river Netravati in Mangaluru.
Bengaluru: Minutes after Cafe Coffee Day owner and former Karnataka chief minister SM Krishna's son-in-law, VG Siddhartha, went missing near river Netravati, Mangaluru, many people are left wondering what happened to his business and what's the reason behind the letter that surfaced on the internet. In the letter dated July 27, Siddhartha has apologised to his employees, while narrating the pressure of money lenders. And the police suspect he may have committed suicide.
VG Siddhartha was born in Karnataka's Chikkamagaluru and he started his career as a management trainee trading in Indian stock market at JM Financial after completing his masters' degree in Mangalore University under the tutelage of Mahendra Kampani in 1983.
He later acquired Sivan Securities in 1984 and turned it into a highly successful investment banking and stockbroking company, which was renamed as Way2Wealth Securities in 2000.
In 1992, Siddhartha started his coffee business Amalgamated Bean Company Trading (now Coffee Day Global), a united coffee business, which ranges from gathering, processing and roasting coffee beans to retailing of coffee products.
As his coffee venture turned out to be a huge success, Siddhartha decided to initiate India's first coffee cafe’, Cafe Coffee Day (CCD) in 1996 on Brigade Road, Bengaluru.
The coffee cafe’ was found to be a massive hit as it later took a tour internationally with CCD outlets present across India and even in the Czech Republic, Vienna, Nepal, Egypt and Malaysia.
But, what happened then?
In 2017, Siddhartha found himself in trouble when the Income Tax Department carried raids in more than 15 locations in Bengaluru, Mumbai and Goa.
It is reportedly said that the Income Tax Department found a retail chain of Rs 650 crore hidden income from the documents seized. However, in a letter, Siddhartha had claimed that former DG Income Tax harassed him by trying to block his Mindtree deal.
As the coffee cafe’ tycoon went missing, several reports surfaced that VG Siddhartha had availed a loan of Rs 8,082 crore from various banks while the IDBI Trusteeship Services Limited is the highest loan provider of Rs 4,475 crore.
Last Updated Jul 30, 2019, 1:26 PM IST