Bengaluru, Feb 3 (NationPress) In light of claims made by the family of Bengaluru's industrialist and Confident Group Founder C.J. Roy, suggesting that the Income Tax department's pressure led to his suicide, Karnataka Home Minister G. Parameshwara remarked that it is premature to correlate the death with any I-T pressure.

Speaking to the media in Bengaluru on Tuesday, Parameshwara stated, “We will understand everything once the investigation is concluded. Until then, we cannot draw any conclusions. At this moment, it cannot be asserted that the suicide was due to a specific cause.”

In response to a letter from Kerala Chief Minister Pinarayi Vijayan addressed to Union Finance Minister Nirmala Sitharaman concerning C.J. Roy's suicide amid an Income Tax raid, Parameshwara noted that the I-T department falls under the jurisdiction of the Union Finance Minister, and a decision regarding the initiation of an inquiry should be awaited.

Parameshwara continued, “I am aware of the correspondence from Kerala Chief Minister Pinarayi Vijayan to Union Finance Minister Nirmala Sitharaman regarding the suicide of industrialist C.J. Roy. While I do not know the specifics of the letter, we should wait for a decision to be made. It is unclear whether she will initiate a judicial inquiry or any other investigation.”

He added that a Special Investigation Team (SIT) has been established at the state level and has already commenced its inquiry. “We will make determinations based on the findings of this investigation,” he reiterated.

Parameshwara emphasized that once the investigation concludes, the underlying reasons for the suicide will become apparent. He mentioned that the police have started the investigation and are set to document statements from family members and others involved, examining all facets that emerge from these testimonies.

Nevertheless, sources within the police indicated that C.J. Roy had been experiencing significant financial strain over the preceding six months.

According to police accounts, Roy had not acquired any bank loans for his business initiatives. His operations had expanded beyond Karnataka and Kerala into international markets. However, for new projects, it was reported that investments had directly come from certain politicians instead of bank financing. Investigators are suspicious that a considerable portion of this funding could be unaccounted for or classified as “black money.”

Furthermore, police sources stated that the new ventures undertaken by Roy did not meet the anticipated success levels. Concurrently, a substantial amount of his earnings was allocated to a lavish lifestyle, resulting in poor financial management.

As losses mounted from the projects, some of the investing politicians began to request the return of their funds. Meanwhile, central investigative agencies initiated a review of Roy’s business practices. The main focus of the inquiry was to trace the sources of financing for such large-scale operations in the absence of bank loans, as revealed by sources.

It is now suspected that caught between demands from investors and scrutiny from the Income Tax department and other agencies, Roy was apparently unable to provide adequate answers and fell into profound mental distress. Following a complete financial downfall, Roy was also emotionally shattered, having been grappling with acute stress and depression for several months. The fear of exposing all aspects of his business dealings during the investigation further troubled him.

Police sources suspect that this overwhelming pressure may have driven him to take the drastic step of ending his life.

C.J. Roy allegedly took his own life at his office in Bengaluru last Friday amid an I-T raid. He reportedly shot himself in the chest in his first-floor office chamber. Investigations revealed he was alone in his chamber at the time. After hearing the gunshot, I-T officials rushed into the chamber and transported him to a hospital.

Police further stated that during the I-T raids, after around an hour of questioning, Roy was asked to present certain documents. After submitting one set of records, the I-T officers requested additional documents. Roy then returned to his chamber and allegedly shot himself.