Raid at CCD: Income tax department detects Rs 650 crore illegal income
Raid at CCD: Income tax department detects Rs 650 crore illegal income

Monday: Cafe Coffee Day, is an Indian café chain owned by Coffee Day Global Limited, a subsidiary of Coffee Day Enterprises Limited has faced raid in early trade and now is in under pressure regarding the same.

As the share of CCD has declined more than 10.5 % over the reports published in media that are further hitting towards to issues relating to undisclosed income. Meanwhile, the Income-tax department concluded its investigation operation on the Coffee Day Group companies on 24TH September i.e. Sunday.

The sales were started on September 21. According to the statement released by I-T department, "The searches in a group involved in coffee, tourism, information technology and other areas concluded with an admission of previously concealed income exceeding Rs 650 crore. The detection of undisclosed income is expected to be a much higher figure".

"There are a number of other issues including violations of other statutes on which there is no disclosure, but relevant evidence has been found. These will be pursued effectively with vigor, energy, and imagination", however, the IT department further talking about the sevral issue and said.

CCD's share has dropped down by 13 percent in the past one month and its three-day fall stood at 13 percent as well. 


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