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Café Coffee Day founder VG Siddhartha goes missing; talks of letting down people, IT harassment in his last letter

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Café Coffee Day founder VG Siddhartha

Café Coffee Day Group founder and former Karnataka Chief Minister, SM Krishna’s son-in-law, VG Siddhartha, has been missing since Monday night and a massive search operation has not been successful  in finding him so far, said reports quoting police today (Tuesday, July 30). 

Siddhartha, 55, reportedly left in his Innova car towards Mangaluru last night. He stopped midway at Ullal bridge across the Nethravati river near Mangaluru where he reportedly got off from his car. When he did not return even after two hours, his driver went looking for him. When he could not find Siddhartha anywhere, the driver alerted the family members who then informed the police.

“Yesterday, he had left Bengaluru saying he is going to Sakleshpur. But on the way, he told the driver to go to Mangaluru. After reaching the Ullal Bridge, he got down from the car. Siddhartha asked his driver to drive a little further and stop. He will come walking. However, he didn’t return. The dog squad used to locate him too stopped at the middle of the bridge,” Mangaluru city police commissioner Sandeep Patil said.

A letter dated July 27 purportedly written by Siddhartha to the board of directors and his CCD family has emerged in which he said he had “failed to create the right profitable business model despite my best efforts”. He added, “I would like to say I gave it my all. I am very sorry to let down all the people that put their trust in me. 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 had partially completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders lead me to succumbing to the situation.”

Siddhartha also mentions the “harassment” he allegedly faced at the hands of Income Tax officials.  “There was a lot of harassment from the previous DG income Tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then asking position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch,” he said.

Claiming complete responsibility of all the transactions done, in his letter, he left an earnest request to his team urging them to continue running the business with a ‘new management’. 

In the letter, Siddhartha has also taken responsibility for all financial transactions, which, he said, nobody was aware of.  “I sincerely request each of you to be strong and to continue running these businesses with a new management. I am solely responsible for all mistakes. Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions. The law should hold me, and only me accountable, as I have withheld this information from everybody, including my family.”

He further wrote: “My intention was never to cheat or mislead anybody. I have failed as an entreprenuer. This is my sincere submission, I hope some day you will understand, forgive and pardon me.”

Also Read: Unnao rape: Murder case against BJP MLA Sengar and others after rape victim’s car crash

Born in to a family of coffee planters in Karnataka’s Chikkamagaluru, VG Siddhartha founded India’s first popular café chain Café Coffee Day with its first outlet opening in Bangalore’s famous Brigade Road in 1996. 

VG Siddhartha was recently in the news for selling his entire stake in midsize IT firm Mindtree to L&T. He was the largest shareholder in Mindtree and exited the company after remaining invested for close to two decades. 

In this regard, the report stated that a complaint against Siddhartha alleging insider trading during his stint at Mindtree was also filed with the Securities and Exchange Board of India (Sebi) by an anonymous person.

The report added that the complaint filed against Siddhartha had alleged that he and his firm Coffee Day group had sold shares that were pledged before various financial institutions.

The police, revenue authorities and expert swimmers are conducting search operations in the river on the assumption that he may have jumped into the river. 

Meanwhile, a spokesperson from CCD head office in Bengaluru said the company is yet to confirm the genuineness of the letter. “We are still in shock and our employees are still hoping for the best. As of now, we are yet to confirm the genuineness of the letter that is being flashed in media. We are here to ensure that business will not be hit in any circumstances,” the spokesperson said.

An intensive search operation has been mounted with over 200 policemen, divers on about 25 boats and local fishermen searching for Siddhartha at the bridge. Sniffer dogs have also been deployed at the site. The Indian Coast Guard also joined the search operation and has deployed a ship off the old Mangalore port. Three diving teams have been pressed by the Coast Guard, PTI reported.

However, due to the rain in coastal Karnataka, the water level in the river has gone up to a serious level and is causing a problem for a speedy search operation, BJP leader Shobha Karandlaje informed Union Home Minister Amit Shah. A group of Karnataka BJP MPs led by Karandlaje met Shah today and sought help from the Centre in tracing the missing CCD founder. 

Karnataka Chief Minister B S Yediyurappa and Congress leader D K Shivakumar visited Krishna at his residence in Bengaluru this morning. Krishna had served as the external affairs minister from 2009 to October 2012 in the UPA-II government and as the 16th chief minister of Karnataka.

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INDIA Bloc protest intensifies, Opposition MPs plan Rajghat march

The INDIA bloc has planned another round of protests against Chief Election Commissioner Gyanesh Kumar, with Opposition MPs expected to march to Rajghat on Thursday.

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The INDIA bloc is set to intensify its protest in Delhi against Chief Election Commissioner Gyanesh Kumar, with Opposition MPs expected to march to Rajghat on Thursday.

The fresh mobilisation comes a day after several Opposition leaders, including Congress leader Rahul Gandhi, were detained during protests against the Election Commission. The leaders were later released.

The Opposition has been demanding the resignation of CEC Gyanesh Kumar over allegations linked to electoral rolls and what it has described as “vote chori”.

Opposition leaders discuss next course of action

INDIA bloc MPs met at a cafe in Delhi on Thursday to discuss the next steps in their protest. Following the meeting, the leaders were expected to proceed towards Rajghat.

Congress president Mallikarjun Kharge hosted an INDIA bloc luncheon meeting on Wednesday, after which buses were arranged to transport MPs. Several Opposition leaders later staged a sit-in and raised slogans demanding the resignation of the poll body chief.

Mamata Banerjee among leaders expected to join

Trinamool Congress chief Mamata Banerjee is likely to be part of the Opposition’s 10-member delegation that will meet President Droupadi Murmu on Friday.

The INDIA bloc has also sought an appointment with the President. Ten Opposition leaders, including Mallikarjun Kharge, Rahul Gandhi and Akhilesh Yadav, have been given an appointment to meet the President on Friday.

The INDIA bloc had sought a meeting with a 15-member delegation, but Rashtrapati Bhavan agreed to a 10-member delegation.

Case against Rahul, Priyanka Gandhi

The Delhi Police has registered a case against Rahul Gandhi, Priyanka Gandhi Vadra and several other leaders and workers over alleged misconduct during the protests.

Police sources said the FIR alleges assaulting police personnel and obstructing government work during Wednesday’s protest.

The INDIA bloc’s agitation follows an earlier march towards the Election Commission headquarters, during which Opposition MPs demanded action over their concerns regarding electoral rolls and alleged irregularities.

Election Commission protest continues

The Opposition has announced further protests as it seeks to keep the issue in focus.

Congress has described October 8 as a “Black Day” nationwide, while Opposition MPs are continuing their campaign against the Election Commission.

The latest protest comes amid heightened security at CEC Gyanesh Kumar’s Delhi residence and around the Election Commission headquarters.

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Delhi Building Collapse: Many trapped as 5-storey structure comes down

A building collapsed in Delhi’s Seemapuri area on Wednesday, with several people feared trapped under the debris. Rescue teams have reached the spot.

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A building collapsed in Delhi’s Seemapuri area on Wednesday, with several people feared to be trapped under the debris.

The incident took place in northeast Delhi, where emergency teams were rushed to the site after the collapse was reported.

Rescue operation underway

A search and rescue operation has been launched at the site as authorities work to determine whether people are trapped beneath the debris.

The Delhi Fire Service received information about the collapse at around 3:30 pm and sent fire tenders to the location. An official said some people might be trapped in the debris.

The incident has prompted an emergency response in the area, with rescue personnel working to locate anyone who may be trapped.

Collapse comes a month after Satya Niketan tragedy

The Seemapuri incident comes about a month after a building collapse in Delhi’s Satya Niketan area, where people were trapped after a multi-storey structure came down.

Further details about the Seemapuri collapse, including the number of people trapped and any casualties, are awaited as the rescue operation continues.

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Bhagwant Mann hits back at BJP over CBI search in Sangrur

Bhagwant Mann hit out at the BJP over a CBI search in Sangrur, alleging political targeting and claiming the agency returned empty-handed after a nearly six-hour search.

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Punjab Chief Minister Bhagwant Mann has criticised the BJP over a CBI search at the residence of his officer on special duty (OSD) Rajbir Singh Ghuman in Sangrur, alleging that central agencies are being used against political opponents ahead of elections.

Mann said the CBI action was an indication that elections were approaching and accused the BJP of using agencies such as the CBI and Enforcement Directorate against Opposition leaders or their associates.

“The CBI raid shows that elections have arrived,” Mann said.

The Punjab Chief Minister cited cases involving Jharkhand Chief Minister Hemant Soren and leaders close to former West Bengal Chief Minister Mamata Banerjee while alleging that central agencies have been used ahead of elections. He also said Aam Aadmi Party leaders faced similar action before the Delhi Assembly elections.

Mann says CBI returned empty-handed

According to Mann, the CBI search at Gharachon village in Sangrur lasted nearly six hours.

The Chief Minister claimed that the agency “did not find anything” during the search and returned empty-handed. He alleged that the action was part of a BJP conspiracy to defame him and his government.

Mann also linked the CBI action to the BJP’s anti-drug campaign in Punjab and questioned the political impact of the campaign.

He alleged that the CBI action was politically motivated and intended to create a narrative against the AAP government ahead of upcoming elections.

CBI search at Mann aide’s house

Earlier, a CBI team searched the house of Mann’s OSD Rajbir Singh Ghuman in Gharachon village in Sangrur.

The search triggered a political confrontation involving the ruling AAP and Opposition parties. Representatives of Waris Punjab De and Akali Dal Punar Surjeet gathered in the village and welcomed the CBI team.

After the CBI vehicles left the area, people were seen beating dhols, performing bhangra and showering flower petals on the vehicles carrying the agency officials.

Sources cited in the report said the CBI was investigating allegations involving people accused of causing significant losses to Punjab and looting public money.

BJP hits back at Bhagwant Mann

BJP leader Tarun Chugh criticised the response to the CBI search, calling it an “extraordinary display of shamelessness”.

Taking a swipe at AAP chief Arvind Kejriwal, Chugh said the time for political drama was over and that those responsible would have to answer for money allegedly stolen from the people of Punjab.

“Stop the drama. Let the investigation proceed and let the facts speak,” he said.

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