Cafe Coffee Day (CCD) founder VG Siddhartha goes missing after stating his failure in a letter

This is shocking and heartbreaking to know that the founder of the famous chain of Indian Cafe, Cafe Coffee Day, (CCD) has gone missing just after he wrote an apologetic letter to his employees. The incident took place on Monday when the CCD Founder VG Siddhartha asked his driver to drop him off at the Netravathi bridge in Mangaluru at night while returning home from his work and then went missing an hour later.

The letter written by the CCD founder for his employees had contained an apology made by him towards his employees stating his failure to provide a suitable and profitable business to them.

The letter, written by Siddhartha, son-in-law of former Union Minister SM Krishna, reads, “I am very sorry to let down all the people who put their trust in me. I fought for a long time but today I gave up as I could not take any more pressure.” The date mentioned in the letter says it was written on July 27.

The letter came to the notice of people only when he went missing on Monday from the Netravathi bridge. as soon as the driver realized that his master has gone missing, he informed Siddhartha's family right away and they, in turn, informed the authorities.

Siddhartha's letter also stated that he failed in taking pressure from one of the private equity partners who was ‘forcing him to buy back shares. Reportedly, he had bought it partially six months ago by borrowing a large sum of money from a friend. As the lenders started pressuring him to pay the many backs, the situation has led him to 'succumbing to the situation.”

He had further written, “There was a lot of harassment from the previous DG income tax in the form of attaching our shares on two separate occasions to block our Mindtree deal and then taking position of our Coffee Day shares, although the revised returns have been filed by us. This was very unfair and has led to a serious liquidity crunch.”

Siddhartha had started his CCD chain just with an outlet in Bengaluru and it soon rose to 15,000 outlets bringing a huge success to the entrepreneur. , 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.

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