Hours after V.G. Siddhartha, the founder of popular Cafe Coffee Day chain and son-in-law of former Karnataka Chief Minister S.M. Krishna, went missing from near Netravati river in Mangaluru in Karnataka, a letter, reportedly written by him, has surfaced suggesting the worst. In the letter, Siddhartha said that he tried to put up a fight for long, "but today I gave up 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 partially completed six months ago borrowing a large sum of money from a friend."
In the letter, addressed to the CCD management and employees, Siddhartha expressed unhappiness over not creating "the right profitable business". "...I have failed to create the right profitable business model despite my best efforts... Every financial transaction is my responsibility... The law should hold me and only me accountable."
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"My intention was never to cheat or mislead anybody, I have failed as an entrepreneur. This is my sincere submission, I hope someday you will understand, forgive and pardon me," the letter further stated.
READ: Coffee Day Enterprises shares plunge after founder goes missing
According to the statement given by his driver Basavaraj Patil, Siddhartha got out of his car near the Netravati river bridge in Dakshina Kannada, about 375 kilometers from Bengaluru. He was seen talking on his smartphone when he got out of his car at around 6.30 in the evening on Monday. "Then I got down from the car and he asked me to sit inside the car and drive to the other side of the bridge. At 8 pm I called him but his phone as off. Then I called his son and he said he'll call him too. Later I filed a complaint," the driver said.
The police have launched a massive search operation near the 1-km-long bridge; divers are scanning the muddy river. Cops on inflatable boats have joined the search.
Meanwhile, BJP leader from Karnataka, Shobha Karandlaje, has sought Union Home Minister Amit Shah's help in the case.