VG Siddhartha death: Body of India's 'coffee king' who founded Starbucks rival Cafe Coffee Day found by fishermen

VG Siddhartha's body was found two days after his disappearance
REUTERS

The founder of Indian coffee chain Cafe Coffee Day has been found dead by fishermen, two days after he disappeared.

The body of businessman VG Siddhartha was identified in Karnataka state after it was retrieved from a river, police commissioner Sandeep Patel said.

The New Delhi Television news channel quoted a fisherman called Rithesh as saying: "I saw a body floating while I was fishing and then I informed the police. I participated in the rescue operation,"

His identity was confirmed by members of Mr Siddhartha's family after the body was taken to hospital, according to the BBC.

The 59-year-old went missing on Monday evening from Mangalaru in Karnataka.

He had left his car near a bridge in the Dakshina Kannada district, and reportedly told his driver to wait.

He said he was going for a walk near the bridge. When he did not return for two hours, the driver raised the alarm.

An autopsy was being conducted and the cause of death was not disclosed.

He leaves behind a coffee shop chain with more than 1,500 branches across India, having built up the business over three decades.

It also has outlets in Austria, Czech Republic and Malaysia, according to the chain's website.

Mr Siddartha built up the Cafe Coffee Day business over three decades
EPA

Police are investigating a letter that appeared on social media in which Mr Siddhartha, known by some as the "coffee king", claimed he was facing harassment from tax authorities which had caused a serious liquidity crunch.

The letter, allegedly written by him to the Cafe Coffee Day, also said that he failed to create the right profitable business model despite his best efforts, and was facing pressure after borrowing a large sum of money from a friend to buy back shares.

It reportedly read: “After 37 years, with strong commitment to hard work, having directly created 30,000 jobs in our companies and their subsidiaries, as well as another 20,000 jobs in technology company where I have been a large shareholder since its founding, I have failed to create the right profitable business model despite my best efforts.

“I would like to say I gave it my all. I am very sorry to let down all the people that put their trust in me.

"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 board of Cafe Coffee Day said it would ensure the "continuity" of business
EPA

Cafe Coffee Day is India’s largest coffee shop chain and seen as the country’s rival to Starbucks.

Mr Siddhartha's company, Coffee Day Enterprises Limited, held an emergency board meeting on Monday to discuss his absence.

In a statement, it appealed for "the support and strength of all our stakeholders".

In a note to the stock exchange it said the company was "professionally managed and led by a competent business team" which would ensure the "continuity" of business.

Mr Siddhartha is survived by his wife and two sons.

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