In a shocking development, India’s one of the leading business tycoons VG Siddhartha, owner of popular chain Cafe Coffee Day died on July 31, two days after he went missing from Mangaluru. Siddhartha was on a business trip to Chickmagaluru and was last seen near Ullal Bridge over Netravati River. As per the reports, VG Siddhartha got off his car near the Netravati River and has been missing ever since.
Police began search in the area after Siddhartha’s driver filed a complaint with the police on Tuesday morning raising suspicion if the person who jumped off the bridge was indeed the CCD founder.
Following the reports of Siddhartha gone missing broke, the shares dropped down by nearly 20%. Cafe Coffee Day factory in Karnataka’s Chikkamagaluru have shut the shutters. The employees of the factory have also been asked to go home.
Also read: The curious case of V.G. Siddhartha
VG Siddhartha’s journey so far
Siddhartha comes from a coffee growing family in Chikmagalur in Karnataka. His popular coffee chain Cafe Coffee Day is considered India’s largest retail chain of cafes with 1,423 cafes in 209 cities. Siddhartha was the first entrepreneur in Karnataka to set up a café in 1996. He obtained a post-graduate in economics from St. Aloysius College in Mangalore.
In 1993, he set up a coffee trading company Amalgamate Bean Company (ABC) with annual turnover of Rs 60 million which increased to Rs 25 billion over years.
Siddhartha also ventured into IT sector, founded Global Technology Ventures Limited that invests and mentors technology companies. He also entered the financial sector with the investment firm Sivan Securities Private Limited.
Siddhartha was recently in news when he sold his entire 20.41% stake to Larsen and Toubro Ltd for Rs 3,269 Cr to clear his debts. The company had also shut down several small outlets.
On September 21, the Income Tax department had raided the offices and house of Siddhartha among 20 locations across the country including Mumbai, Chennai, Bengaluru and Chikkamagaluru.
Siddhartha is married to Malavika, daughter of Former Karnataka CM SM Krishna.