Mystery over CCD founder VG Siddhartha's disappearance continues: From signature mismatch to Hawala link, is this what led to it?

twist and turn in mysterious disappearance of Café Coffee Day (CCD) founder VG Siddhartha continues as Republic TV has come across sensational details in probe carried out by Income Tax department - very probe that VG Siddartha has dubbed as 'harassment' in his letter to board dated July 27. Republic TV has spoken to multiple sources in Income Tax department in New Delhi and Karnataka who me a series of disclosures over circumstances surrounding VG Siddhartha going missing.

SIGNATURE MISMATCH  

signature on te circulated before VG Siddhartha disappeared does t tally with his signature available in his annual reports submitted before Income Tax Department. “ aunticity of te is t kwn and signature does t tally with Siddhartha’s signature as available in his annual reports,” maintains Income Tax Department.

(Above - VG Siddhartha's signature as per I-T sources; Below - VG Siddhartha's letter to board dated July 27 bearing his signature) 

MASSIVE POLITICAL LINK

investigation in case of VG Siddhartha started from search in case of senior Karnataka Congress leer DK Shivkumar. ncy h carried out searches on August 2, 2017, at DK Shivkumar’s properties, with action also including raids at DK Shivkumar’s financial assistant N Chandrashekar Sukapuri’s residence.

Income tax department sources say that during se searches y came across financial transaction between DK Shivkumar’s daughter and Cafe Coffee Day. Chandrashekar mitted that Rs 20 crore was transferred to DK Shivkumar in a roundabout and concealed fashion by CCD, say top sources in ncy.

DUBIOUS HAWALA TRANSACTIONS  

Income Tax department during ir probe found out that transaction involving DK Shivkumar also entangles a Singapore citizen Rajnish Gopinath. During searches, Income Tax department came across unaccounted cash of Rs 1.2 crore at his residence. According to ncy sources, Rajnish Gopinath mitted that cash allegedly belonged to VG Siddhartha. “It is more damaging to te that numerous messs have been found in this mobile which indicate his active involvement in Cross-Border Hawala transactions. Strong evidence has also been observed in his telephonic conversations too,” said a top I-T department source.

CAFE COFFEE DAY HAWALA LINK  

ncy sources say Rajneesh Gopinath (whose bror Muneesh was employed as Director Finance with CCD) was found to be involved in various hawala transactions including many on behalf of CCD through Deekshith (employee of CCD and a very close confidante of VG Siddhartha), Ravi and Rafi (employee of Sharma Transport – kwn hawala operator and closely linked to DK Shivakumar). “In course of present search, Deekshit has mitted to se Hawala transactions,” said a top I-T department source.

INVESTIGATION SO FAR

It has been alleged that based on evidence gared by I-T department, VG Siddhartha has mitted unaccounted income of Rs 362.11 crore and Rs 118.02 crore, in his hands and M/s Coffee Day Enterprises Ltd respectively in sworn statement.

Siddhartha h filed return of Income but did t offer undisclosed income as mitted in sworn statement in both cases except sum of around Rs 35 crore in his individual case. “Even on this mitted sum, assessee did t pay Self-Assessment Tax of Rs 14.5 crore as quantified by him as on date. M/s Coffee Day Enterprises Ltd did t offer mitted income in its part,” ded source.

After getting information that VG Siddhartha is planning to sell equity shares of Mindtree Ltd held by him and his company immediately, I-T department swung into action, finding that VG Siddhartha and M/s Coffee Day Enterprises Ltd toger held nearly 21% of shareholding in Mindtree Ltd. It was also gared that deal for sale of shares was set to be finalised in January 2019.

“In order to protect interests of revenue, provisional attachment of 74,90,000 shares of Mindtree Limited owned by VG Siddhartha and M/s Coffee Day Enterprises Ltd u/s 281B of Income Tax Act was me (though y toger held 2,29,31,518 shares). This action is a rmal requirement to protect interests of revenue,” ded source.

Siddhartha, later on, filed a request letter to release Mindtree shares and in turn offered or security of shares of M/s Coffee Day Enterprises Ltd against expected demand. This was accepted and attachment of Mindtree shares were revoked on February 13, 2019, with specific condition that sale proceeds will be utilized only for repayment of loans availed against Mindtree Ltd shares by opening escrow account and remaining balance will be provided for attachment u/s 281B against tax liability to arise.

HOW VG SIDDHARTHA WENT MISSING

founder of Cafe Coffee Day, VG Siddhartha, who is son-in-law of former Karnataka Chief Minister SM Krishna, was last seen near Netravati river in Mangalore on Monday evening. 

As per his driver's statement to police, Siddhartha left his Bengaluru residence in a black Inva at 11 am on Monday and enroute to his estate in Sakaleshpur, changed course to Mangalore. At 6:30 pm, near Mangalore, just 2 km from where Netravati river joins sea, Siddhartha h car stopped on a bridge, walked for a short while, asked his driver to park car ahe and said he will join him after a short walk. driver parked car almost a kilometer away and waited for Siddhartha for an hour. When he didn't return, he tried calling his phone which was turned off. Panicking, driver informed family. Following that, a search was launched for him.

VG SIDDHARTHA'S LETTER EMERGES

On Tuesday, Republic TV accessed Siddhartha's letter to company's board dated July 27 - one day before he went missing. In letter, Siddhartha emotionally wrote about having failed as an entrepreneur and in his goal of creating a profitable business model. In an operative portion, he opened up about pressure that was placed on him by a private equity partner to buy back shares, as well as from or lenders, and also, his allegation of facing harassment from DG IT attaching holdings which h effect of blocking sale of his Mindtree stock to engineering and construction conglomerate L&T.

CAFE COFFEE DAY'S STATEMENTS

CCD has issued two statements since its founder went missing. first was a letter written to stock exchange wherein it wrote:

"This is to inform you that Mr VG Siddhartha Chairman and Managing Director of Cafe Coffee Day Enterprises Limited has gone missing since yesterday evening. We are taking help of concerned authorities. Company is professionally mand and led by competent leership which will ensure continuity of business." 

And second was later on Tuesday following an emergency meeting of CCD board: