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Cafe Coffee Day Founder's Body Found, Two Days After Disappearance

  • 31 Jul 2019
Cafe-Coffee-Day-Founder-s-Body-Found-Two-Days-After-Disappearance

The body of VG Siddharta, the founder of India's largest coffee chain Cafe Coffee Day (CCD), have been found, two days after he was reported missing. 

Fishermen pulled out his body early this morning, from the Netravathi River in Mangaluru, some 5km from the bridge he had asked his driver to drop him off at, on Monday evening, on the pretext of taking a walk. 

The 60-year-old tycoon, who has a reported net worth of US$1.2 billion, is also the son-in-law of former Karnataka chief minister SM Krishna. 

CCD, which was founded in 1996, currently has over 1,700 outlets across in India, and also operates in five other countries, including Malaysia. It is also the largest producer of arabica beans in Asia, exporting to various countries including the USA, Europe and Japan.

Following his disappearance, a letter purportedly written by Siddharta, addressed to the CCD board, and his family, has surfaced.

In the letter, he had apologised for "letting down" those who have trusted him, and for failing "to create the right profitable business model despite my best efforts."

"I am very sorry to let down all the people who put their trust on me. I fought for a long time, but today, I gave up as I could not take any more pressure," he had written, particularly mentioning a private equity partner for forcing him to buy back shares, and a "lot of harassment" from a previous director-general of the income tax department. 

"I am solely responsible for all mistakes. My intention was never to cheat or mislead anyody. I have failed as an entrepreneur. This is my sincere submission, I hope someday you will understand, forgive and pardon," he said in the letter dated July 27.

Siddharta then requested the board to continue running the business with a new management.

He also enclosed a list of assets and tentative value of each asset with the letter. "As seen our assets outweigh our liabilities and can help repay everybody," he wrote signing off.

Source: Hindustantimes.com, India Today
Photo source: Hindustantimes.com