CCD founder V G Siddharth no more - Is the Slowdown & Tax Terrorism at fault? Current Affairs 2019

CCD founder V G Siddharth no more - Is the Slowdown & Tax Terrorism at fault? Current Affairs 2019

Cafe Coffee Day Owner Mr. VG Siddhartha. The son-in-law of former Karnataka chief minister SMkrishna, Was reported missing from Bengaluru on Tuesday after leaving for the city from Bengaluru the previous night.

Siddhartha, who was en route a business trip to sakaleshpur, was last seen near Ullal bridge over the Netravati River, reported news agency.

There are over 200 policemen and diver on about 25boats searching for Siddhartha at the bridge. Sniffer dogs have also been deployed at the site. "The help of local fisherman is being taken in the search.

WHO IS VG SIDDHARTHA??

Bron in Chikkamagalure district of Karnataka, VG Siddhartha comes from a family that has been in the business of coffee plantation for around 140 years.

He is credited with creating India,s largest Coffee empire. He is also married to the daughter of former Karnataka CM Sm Krishna.

He joined JM Financial Limited in 1983- 1984 in Mumbai as a management trainee/intern

CAUGHT IN CONTROVERSY

VG Siddhartha was accused of tax evasion in 2017. Income tax raids were conducted at over 20 location in Mumbai, Bengaluru, Chennai, and Chikmagalur by a senior officer of the income tax department of Karnataka and Goa regions.

The Income Tax Department raids on Cafe Coffee Day (CCD) retail chain found Rs600 crore concealed income from the documents seized.

VG Siddhartha last LATTER 

I fought for a long time but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares, a transaction I partially completed six month age by borrowing a large sum of money from a friend. tremendous pressure from other lenders lead to me succumbing to the situation," Siddhartha wrote

TAX TERRORISM

Tax Terrorism in India is rampant in the department of Income Tax. the power is given by the Government running a business.