The Income Tax Department has reportedly unearthed Rs 650 crore concealed income after they raided the properties connected to VG Siddhartha, the son-in-law of senior BJP leader, SM Krishna.
“Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai and Chennai have revealed concealed income of over Rs 650 crore,” a senior tax official told IANS in Bangalore.
The raids on 25 properties connected to VG Siddhartha began on Thursday in the state capital, Hassan, Chikmagalur, Chennai and Mumbai.
IT officials had also raided the Amalgamated Beans Coffee (ABC) curing works owned by Siddhartha, located along the Hassan-Belur highway near Hassan.
Five IT officials, who came in a tourist vehicle have been conducting searches from 9 AM. Siddhartha, a businessman, is the founder-owner of the Cafe Coffee Day chain of outlets.
The raids took place just months after Krishna left Congress to join the BJP amidst much fanfare. He was also the foreign minister in the UPA government under Manmohan Singh.
“The searches concluded with the group’s officials admitting to concealed income exceeding Rs 650 crore and the detection of undisclosed income, which is expected to be a much higher figure,” said another tax official in an e-mail to IANS.
“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 effectively as part of our investigation,” added the official in the e-mail.