25 September 2017

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Black Money Café Coffee Day Tax raids reveal Rs.650 Crore hidden

Black Money Café Coffee Day Tax raids reveal Rs.650 Crore hidden

The raids were conducted under the directions and supervision of the Income Tax department’s investigation cell director-general BR Balakrishnan.

Income tax officials told to media that The Income Tax (IT) department raids on Cafe Coffee Day (CCD) retail chain since Thursday found Rs 650 crore concealed income from the documents seized

The corporate office of the Amalgamated Bean Coffee (ABC) Trading Company, which runs the CCD’s retail outlets across the country, its branch offices at Chikkamagaluru, Mudigere and Sakeleshpur in Karnatakas’ Malnad region were also searched during the exercise

The search and seize operations, which began on September 21, concluded on Sunday evening in the offices of the group involved in coffee, tourism, IT and other areas.

The offices and residence of CCD’s founder owner V.G. Siddhartha and its other officials in Bengaluru, Chikkamagaluru, Hassan and Mysuru across Karnataka were also searched during the last four days.

Siddhartha is the elder son-in-law of former External Affairs Minister S.M. Krishna, who was also Chief Minister from 1999 to 2004 but earlier this year left the Congress to join the Bharatiya Janata Party.

“Documents seized from the search operations at 25 places of Cafe Coffee Day and its group companies in Karnataka, Mumbai and Chennai have revealed concealed income of over Rs 650 crore,”

“The searches concluded with the group’s officials admitting to concealed income exceeding Rs 650 crore and the detection of undisclosed income, which is expected to be a much higher figure,”

What will happen in this case now?
I don’t think anyone will go to Jail.
Company will pay nominal fee, little penalty  Just like a Coffee cup price and case will go under bed.

India needs a compulsory Jail term of 10 Years to owners of company as well as accountants who guide the company how to hide money.
India needs a policy of compulsory 1000 times fine in such type of cases pay fine or go to jail for 50 years.

Now on remember whenever you visit Café Coffee Day once Black money was found, with black color coffee your money will also get converted into Black Money.

Reality views by sm –

Monday, September 25, 2017

Tags – Black Money Café Coffee Day