In a shocking turn of events, Café Coffee Day founder VG Siddhartha went missing since Monday night. Last spotted at the Netravati dam site, a letter has now been found wherein he has mentioned the financial struggles addressing the CCD family.
In the note, VG writes “I am very very sorry to let down all the people who had put their trust in me. I have failed as an entrepreneur. I fought for a long time, but today I gave as I could not take any more pressure from one of the private equity partners forcing me to buy back shares, a transaction I had completed six months ago by borrowing a large sum of money from a friend. Tremendous pressure from other lenders led me to succumbing to the situation.”
He further mentions that he never intended to cheat anyone. There’s a signature on the note but reports state that it does not match with the one of Siddhartha’s and is made in a hurry.
The letter further states that “I sincerely request each of you to be strong and to continue running these businesses with a new management, Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions. I hope someday you will understand, forgive and pardon me.”
A massive search operation is carried by the Karnataka Police in the area.