The police in the coastal town of Mangalore confirmed Wednesday that they were missing the body of V.G. Siddhartha, founder and chairman of the largest Indian coffee chain, Café Coffee Day.
"I want to say that I gave everything," the letter says. "I am very sorry that I have disappointed all the people who gave me their trust."
In the letter, Siddhartha called on Coffee Day to continue the business with new management.
"I am solely responsible for all errors, and every financial transaction is my responsibility," he wrote.
The shares in Coffee Day Enterprises fell on Wednesday for a second consecutive day by the maximum daily limit of 20% and reached a new all-time low.
Coffee Day also has retail outlets in Austria, the Czech Republic, Egypt, Malaysia and Nepal and exports coffee to various markets, including North America, Europe and the Middle East.
Siddhartha listed the coffee chain as well as various other assets – including interests in several technology companies and the logistics company Sical – which he said "can help everyone get paid back."
"I never intended to cheat or mislead anyone as an entrepreneur," he added. "I hope that someday you will understand, forgive and forgive me."