Indian coffee tycoon V.G. Siddhartha's body found

CHANDIGARH, India

Indian authorities said early Wednesday that the decomposed body of Indian coffee baron V.G. Siddhartha has been found on the banks of the Netravati River in Karnataka state.

Siddhartha, founder-owner of Cafe Coffee Day -- India’s biggest coffee chain -- went missing Monday evening. He was on his way to the southern city of Mangaluru when he asked his driver to wait for him near a bridge while he went for a walk. When he did not return, the driver informed the authorities.

A massive rescue operation was launched to trace Siddhartha.

“Around 6 a.m. today, we found a body in the Hoige Bazaar area, and we are trying to confirm if it is Siddhartha. We have informed his family and we have also sent the body to Wenlock Hospital to complete formalities. Our investigation will continue,” Mangaluru Police Commissioner Sandeep Patil was earlier quoted by the Hindustan Times as saying.

In a letter he had purportedly written prior to his disappearance, Siddhartha said he was “very sorry to let down all the people that put their trust in me”.

“I have failed as an entrepreneur. I fought for a long time, but today I gave up as I could not take any more pressure from one of the private equity partners forcing me to buy back shares.”