Body found in search for Indian coffee tycoon VG Siddhartha
The body of missing Indian coffee tycoon VG Siddhartha has been found near a river on the outskirts of the city of Mangalore.
Siddhartha – the founder of Starbucks rival Cafe Coffee Day – disappeared on Monday after reportedly walking away from his car and driver.
Read more: Cafe Coffee Day founder goes missing
The Times of India reported yesterday that police officers, divers and sniffer dogs had been deployed to search for the chief executive.
An unverified letter, thought to be written by Siddhartha and addressed to his board and employees, said he “gave up” following financial difficulties at the company.
“I am solely responsible for all mistakes. Every financial transaction is my responsibility. My team, auditors and senior management are totally unaware of all my transactions,” the letter said.
It added: “My intention was never to cheat or mislead anybody, I have failed as an entrepreneur. This is my sincere submission, I hope that someday you will understand, forgive and pardon me.
The letter, which was published yesterday, blamed an unnamed private equity partner for pressuring him into a share buyback and tax authorities for “harassment” and decisions that caused a liquidity crunch.
While the authenticity of the letter has still not been verified, the board of Coffee Day Enterprises said it had taken serious note of its contents and will thoroughly investigate the matter, Reuters reported.
Read more: Oversupply of coffee beans sends global prices crashing
Cafe Coffee Day is the largest coffee chain in India and is seen as a rival to Starbucks.
Siddhartha had been in talks with Coca-Cola to sell his company to the US drinks giant, local media reported.
Main image credit: Getty