A former CFO of New Silk Route Partners, a US private equity (PE) firm, has alleged that the company sent the profit it made from an investment in 2011 to the late V G Siddhartha, founder of Cafe Coffee Day.

Rishi Gupta, who was the CFO till the beginning of 2017, has said in a lawsuit that the firm earned a profit of $4.8 million in 2011, when a $14-million investment in foreign currency convertible bonds of Sical Logistics returned proceeds of $19 million, but “no such gain was ever booked to the NSR Funds”.

Instead, the executive has said, the profit was channelled to a company named Welland Investments, and he was asked to stop enquiries about the money transfer.

Read more at TOI