Cafe Coffee Day investigation reveals Rs 3,535 cr fund diversion

An investigation report by a retired CBI officer has revealed that a subsidiary firm of Siddhartha owed Rs 3,535 cr.The investigation also revealed a gap of Rs 2,693 cr in the balance sheet of Coffee Day Enterprises Limited.

The investigator, Ashok Kumar Malhotra, a former DIG level officer of Central Bureau of Investigation (CBI), also cleared all accusations against the Income Tax department and said Siddhartha was never harassed by IT officials, who were earlier being held responsible for Sidhartha’s suicide. Earlier this week CCD closed down around 280 outlets in the first quarter of the current fiscal year, citing profitability issues and likely future increase in expenses, With the closures, the total count of its outlets stood at 1,480 as on June 30, 2020.

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