Income Tax Department, in an official statement said that following the raids on VG Siddartha, owner of Cafe Coffee Day and son-in-law of former External Affairs minister SM Krishna, which ended on Sunday, he admitted to having more than Rs 650 crores of undisclosed income.
The IT Department, who began raids on Thursday, revealed that the detection of undisclosed income is expected to be a much higher figure than quoted.
“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 with vigour, energy and imagination,” the IT Department assured.
The IT Department began conducting a search operation on Thursday, following which over 20 locations in Bengaluru, Mumbai, Chennai and Chikmagalur were raided, along with Cafe Coffee Day’s main branch in UB City, Bengaluru.
The raids caused a five percent decline in the shares of the cafe chain.