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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DKS pledges job creation and tourism boost to restore communal harmony in Dakshina Kannada

News Network

November 3,2024

Mangaluru: Deputy Chief Minister D K Shivakumar emphasized the urgent need for local job creation and a dedicated tourism policy to address communal tensions and rejuvenate the Dakshina Kannada region.

He spoke during "Ashoka Jan-Mana," a clothing distribution event organized by Rai Estates Educational and Charitable Trust, under the leadership of MLA Ashok Rai, at Kombettu’s taluk stadium in Puttur on Saturday.

“There are challenges to communal harmony across the coastal and interior regions of Dakshina Kannada. To counter these issues, we must provide opportunities for our youth," Shivakumar stated. "The government is considering a specialized tourism policy for the coastal areas to attract more visitors and retain local talent."

Shivakumar expressed concern about a rising trend among local youth to migrate to Saudi Arabia, Mumbai, and Bengaluru due to limited job opportunities in the area. "Communal disturbances have also discouraged students from other districts from enrolling in our institutions, and several banks that originated here have closed down," he said.

Highlighting the region's potential, Shivakumar remarked, “Dakshina Kannada is home to many temples and boasts a rich coastline. Yet, despite Mangaluru having a major port, we still lack five-star hotels. Developing tourism here will be essential for creating jobs and fostering harmony.”

He also hinted at development projects proposed by Ashok Rai for Puttur, which are currently under wraps due to by-election restrictions. Assuring commitment, Shivakumar said, “Although we secured only two seats in Dakshina Kannada, we are committed to developing all constituencies in the region.”

The Deputy Chief Minister concluded with a powerful message on leadership, likening Ashok Rai to a modern embodiment of ancient virtues. “For success, one should have Dharmaraya's righteousness, Karna's generosity, Arjuna's focus, Vidura's ethics, Bhima's strength, and Krishna's strategy. Ashok Rai has all these qualities," he said, praising Rai’s dedication to the people of Dakshina Kannada.

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