IT raids SM Krishna's son-in-law's firms


IT raids SM Krishna's son-in-law's firms

Search operations are also underway at the residence of VG Siddhartha, Chairman and Managing Director of the Cafe Coffee Day.

Income Tax department is said to be carrying out raids on properties belonging to former Karnataka Chief Minister S M Krishna's son-in-law.

According to ANI, the raids are being conducted on the premises of Krishna's son-in-law and owner of Café Coffee Day, VG Siddhartha in Bengaluru. The raid saw over 20 places are being searched in Bengaluru and also in other cities like Mumbai and Chennai, say reports.

This is a developing story. CCD is India's largest coffee retail chain and was built on a vertical integration plan of sourcing coffee bean from its plantations in Chikmagalur and then straight to the consumer.

Siddhartha has 3.25 percent stake in the software firm while Coffee Day Enterprises and Coffee Day Trading have 10.39 percent and 6.3 percent shareholding in the company as of June 2017. However, there is no official confirmation regarding the raids from the Income Tax Department as yet. SM Krishna was known to be a popular Congress leader in the state, however, he switched to BJP previous year.