VG Siddhartha had personal loans of Rs 3,500 Cr
It's known that VG Siddhartha, the founder and owner of Cafe Coffee Day, committed suicide recently. As per latest reports, the deceased entrepreneur took personal loans to the tune of Rs 3,500 Cr.
"Most of these loans were taken through private holding companies. It has to be said that he was personally liable for most of them. His family members are not liable," a report says.
Where the loans were co-guaranteed, the guarantors would be liable. However, it's estimated that most of the loans had no collateral.
While VG has gained much sympathy, it's also true that he was a "crony capitalist" who benefited by being close to some politicians.