The mysterious death case of Cafe Coffee Day founder and coffee tycoon VG Siddhartha is making way for several speculations, specifically around his financial status.
An alleged death note addressing his company’s Board of Directors sheds light on some of the trauma that the business tycoon was going through. He has mentioned about the harassment from a specific investor and the IT department, but many have been speculating that he may have ended life due to the massive debt that was hanging over his head like a sword.
While some say that his debts stand at Rs 8053 cr, several reports claim that the number stands at Rs 9,409 cr.
Interestingly, netizens have been debating over the Siddhartha case and many have questioned why a sharp businessman like Siddhartha would end life if his assets are much more than the speculated debt amount.
It can be recalled that an I-T raid was conducted on Siddhartha’s companies in the year 2017, after which it is said that his debts had increased. Siddhartha’s CCD itself was in debt of Rs 8083 crore and his Coffee Day Global Limited was under Rs 1252 crore debt, Rs 42 Crore of Sivan Securities, and Rs 32 Crore of Ittiam System, claim media reports.
From the year 2018, Siddhartha had kept Café Coffee Day shares for mortgage and after the I-T raids, his debt raised upto 46 percent, even as his CCD brand value is estimated at Rs 20000 cr.
In June, September and December of 2018, he had mortgaged 39, 38 and 70 percent of his shares respectively. In March and June 2019 he had mortgaged 70 and 71 percent of shares. He had sold 20.32 percent of his company Mindtree to Larsen & Toubro Company.
After this phase he is said to have gone through a lot of mental trauma and business pressure.