IT Dept finds Rs 650 crore unaccounted wealth of S M Krishna's son-in-law
The four-day search and raids conducted by the Income Tax department on the business establishments of son-in-law of former External Affairs Minister S M Krishna has resulted in unearthing of concealed income exceeding Rs 650 crore. IT officials had raided 25 properties connected to V G Siddhartha promoter of Coffee Day group since September 21 that ended yesterday. The raids were conducted in Bengaluru, Hassan, Chikkamagaluru, Chennai and Mumbai.
Mr Siddhartha is a coffee entrepreneur and is part-owner of the well-known chain of cafes, Cafe Coffee Day, which has its headquarters in Bengaluru. The searches on the group, which is involved in coffee, tourism, information technology and other areas concluded with an admission of previously concealed income exceeding Rs 650 crore, IT officials said. However, official sources indicated that the amount might be much more.
The officials were thoroughly examining records that runs into thousands of pages besides hard discs and pen drives and the correct undisclosed income is expected to be a much higher figure, sources said. 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 sources added. It is likely that Mr Siddharth would soon be called for questioning by the IT department.