In the letter, Siddhartha alleged that there was harassment from the previous DG of Income Tax. On Tuesday, on his disappearance, the stock tumbled 20 per cent to hit an all-time low of Rs 154.05 on the BSE, eroding Rs 813.32 crore from its market valuation, after reports emerged that VG Siddhartha, the co-founder of the country's largest coffee chain, has been missing since Monday night. Rescue teams and sniffer dogs are scanning the bridge over the Netravati river.
He also wrote what seems to be an apparent suicide letter to the company board and to Coffee Day employees, saying that he had "failed to create the right profitable business model" and that he was giving up due to pressure from investors, borrowers and after having been troubled by issues with the tax department.
However, the IT department has refuted the charges and released a statement claiming that the signature of Siddhartha on the letter being circulated under his name does not match with the record of annual reports which are available with the department. "I would like to say I gave it all, I am very sorry to let down all the people that put their trust in me".
In a separate tweet, she said: "The private equity fund manager might have acted like a money lender and seems to have caused unbearable stress for Siddhartha".
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"The department has acted as per provisions of the Income Tax Act", one of the sources told PTI.
"This was very unfair and has led to a serious liquidity crunch", he said. India Today YouTube channel offers latest news videos on Politics, Business, Cricket, Bollywood, Lifestyle, Auto, Technology, Travel, Entertainment and a lot more.
Police divers, backed by local fishermen, searched the Nethravathi river near Mangalaru while senior Karnataka politicians flocked to the tycoon's home. Cops on inflatable boats have joined the search.
His chauffeur alerted police when Mr Siddhartha did not return.
The founder of India's largest coffee chain has gone missing.
Earlier in March, Siddhartha sold his entire 20 per cent equity stake in consultancy firm Mindtree to engineering and construction company Larsen & Toubro Ltd for Rs. 3,300 crore. He was also reportedly in talks with Coca-Cola to sell his flagship chain - which he founded in 1993 and has over 1,500 outlets - to the snack food and cola giant, news agency Reuters reported.
His empire came under pressure after the tax authorities raided company offices in several cities in 2017. ABC is also India's largest exporter of green coffee.
Coming from a family that has a 140-year history of growing coffee, Siddhartha initially dabbled in stock trading before actually setting his foot in the coffee business.
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