Rs 650-cr unaccounted assets unearthed during I-T raids on Siddhartha?

News Network
September 25, 2017

Bengaluru, Sept 25: Income Tax sleuths, searching former chief minister S M Krishna’s son-in-law V G Siddharth’s house and business establishments in Bengaluru and elsewhere in the state and country, have reportedly unearthed Rs 650 crore worth of unaccounted assets. 

Siddharth is the chairman and managing director of Coffee Day Enterprises Ltd and also has other business interests in financial services (way2wealth) and luxury resorts. I-T sleuths raided his house and other firms on September 21 in Bengaluru, Hassan and Chikkamagaluru in Karnataka, Chennai and Mumbai. the searches ended on Sunday.

“The searches involving coffee, tourism, information technology and other areas concluded with an unearthing of Rs 650-crore assets. The detection of undisclosed income is expected to be a much higher figure,” stated a senior I-T officer.

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, an official stated.

Locations searched in Bengaluru included the group’s head office at UB City on Vittal Mallya Road, Siddharth’s house in Sadashivanagar, and his establishments at Rajarajeshwari Nagar and Bagmane Tech Park in C V Raman Nagar. The sleuths seized documents from the office of Coffee Day Global on K M Road in Chikkamagaluru, ABC Coffee Curing, on Belur Road, two estates in Mudigere taluk, a residential school in Chikkamagaluru, and the Serai resorts.

Siddharth, who hails from a family that owns coffee plantations spread over 10,000 acres in Chikkamagaluru, is the founder-owner of the Cafe Coffee Day chain, India’s largest coffee retail chain.

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News Network
November 1,2024

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Bengaluru, Nov 1: Hardline BJP leader and Vijayapura MLA Basanagouda Patil Yatnal wrote a letter to Prime Minister Narendra Modi to "Nationalise Waqf Assets", alleging Waqf board of "blatant violation" in claiming of the lands of Farmers, temples and mutts.

Taking to his social media, Basanagouda Patil Yatnal posted on X, saying "I have written a letter to the hon'ble PM Shri Narendra Modi ji to Nationalize the Waqf Assets in view of the arbitrary, blatant violation in claiming of the lands of Farmers, Landowners, Temples, Trusts and Mutts across the country by the Waqf board. All the citizens of the country have equal rights on the land. If the motive of Waqf is welfare and social service, this has to be done without bias and religious discrimination as India is a secular nation."

Additionally, Vijayapura MLA also attached the letter to Prime Minister Narendra Modi in his post.

Earlier, BJP MP Tejasvi Surya had accused the Waqf Board of encroaching on thousands of acres of farmers' lands with the support of the Karnataka government.

Surya stated, "There have been multiple press conferences and videos in the public domain where the Minister himself has admitted that these Waqf adalats are being conducted under the Chief Minister's instructions. This is a grave matter, where thousands of acres of farmers' lands are being encroached upon by the Waqf Board with the active support and collusion of the State Government."

He mentioned that, in recent days, farmers from various districts across Karnataka have reported that, without prior notice, ownership of their lands has been abruptly transferred to the Waqf Board.

Karnataka Minister Priyank Kharge criticised BJP MP Tejasvi Surya, claiming he has done nothing for Bengaluru. Kharge's remarks came in response to the BJP MP's accusations regarding Waqf Board land encroachment.

The Congress leader assured that the Karnataka government is committed to protecting farmers' properties.

Kharge further questioned the BJP's record on protecting temples during its previous government, stating that the Karnataka government is committed to safeguarding temples and common people's properties.

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News Network
November 4,2024

In a tragic turn of events, a young spectator lost his life during a bull-taming event, Kobbari Hori, at Chigalli in Mundgod taluk, Uttara Kannada, on Saturday. 

Parameshwar Siddappa Harijan, aged 22, was fatally gored by a marauding bull during the event, which had drawn large crowds as part of the Deepavali festival celebrations.

With thousands of spectators lining the path to witness the action, the event took a horrific turn when the bull charged directly at Parameshwar, inflicting severe injuries. 

Despite efforts to rush him to the hospital, Parameshwar tragically succumbed to his wounds on the way.

In response to the fatal accident, another bull-taming event scheduled for the evening in Mundgod town was promptly cancelled, as shock and grief swept through the community following the heartbreaking incident.

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News Network
November 15,2024

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Union minister Amit Shah on Friday, November 15, said PM Narendra Modi will amend the Waqf Act despite opposition from leaders like Uddhav Thackeray and Sharad Pawar.

"Modi ji wants to change the Waqf Board law, but Uddhav ji, Sharad Pawar and Supriya Sule are opposing it," Shah said, addressing a rally at Umarkhed in Maharashtra's Yavatmal district.

"Uddhav ji, listen carefully, you all can protest as much as you want, but Modi ji will amend the Waqf Act," he said. Shah said there are two camps in the November 20 Maharashtra assembly polls, one of 'Pandavas' represented by the BJP-led Mahayuti and the other of 'Kauravas' represented by Maha Vikas Aghadi.

"Uddhav Thackeray claims that his Shiv Sena is the real one. Can the real Shiv Sena go against renaming Aurangabad to Sambhajinagar? Can the real Shiv Sena go against renaming Ahmednagar to Ahilyanagar? The real Shiv Sena stands with the BJP," Shah said.

"Rahul Baba used to say that his government would credit money in the accounts of the people instantly. You were unable to fulfil your promises in Himachal, Karnataka, and Telangana," he said.

Shah said the Mahayuti alliance has promised that women will get Rs 2,100 per month under the Ladki Bahin Yojana. "Kashmir is an integral part of India and no power in the world can snatch it away from us," Shah said.

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