I-T dept raids over 20 Café Coffee Day offices, CMD VG Siddhartha's office

The Income Tax department is conducting search operations at multiple offices of Café Coffee Day, reports CNBC-TV18. Operations are underway at over 20 locations including Mumbai, Chennai, Bengaluru and Chikmagalur.

The I-T department is also conducting search operations at the residence of VG Siddhartha, the company’s Chairman and Managing Director.

Income Tax raids on VG Siddhartha: #Visuals from Café Coffee Day HQ in Bengaluru. pic.twitter.com/GROf1wpun5

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— ANI (@ANI) September 21, 2017

According to a report in The Hindu, the raids are related to a new case to verify any undisclosed income and have no relation to any past case.

Siddhartha is the son-in-law of former Karnataka Chief Minister SM Krishna who joined BJP in March this year. He is an entrepreneur and venture capitalist.

The stock corrected over 5 percent on the news.