Real estate tycoon and Confident Group owner C.J. Roy died by suicide on Friday after shooting himself when Income Tax raids were taking place at his Bengaluru office. A fresh revelation has now emerged that mounting pressure from investors demanding the return of their money was among the critical factors affecting his mental health in recent months.
According to a report by Manorama Online, Roy had no outstanding debt liabilities but had accepted investments from political leaders and individuals from the film industry for real estate projects inDubai andKerala. Investigators say suspicions that Roy could come under scrutiny by central agencies led some investors to seek refunds, increasing pressure on him over the past several months.
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Income Tax officials from Kochi are still present in Bengaluru as part of the ongoing verification process. Investigators are also probing how Roy managed to raise funds for large-scale projects without taking bank loans, a practice he had publicly maintained.
CJ Roy’s mental health deteriorated in recent years
Family members informed the SIT that Roy had been undergoing treatment for depression for over four months. He was receiving care at a prominent hospital in the Jayanagar 8th Block area of Bengaluru. Recent setbacks in several Confident Group projects reportedly worsened his mental health.
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Continuous demands for refunds from investors who had invested in stalled or delayed projects added to the strain. Roy had repeatedly stated that his ventures were executed without loans and that he did not borrow from banks, a claim now under investigation.
IT officials deny interrogation pressure
Roy was found dead with a gunshot wound after Income Tax Department officials demanded documents during a raid conducted on the 30th. Police have clarified that the Income Tax team was not interrogating Roy at the time of the incident. Police quoted IT officials as saying, “Roy was not restricted from doing his regular work today, as we were only conducting scrutiny to lift prohibitory orders against his firm.” Officials also said Roy’s mobile phone and briefcase were not seized and that the team was unaware he was carrying a licensed firearm.
Investigators said CCTV cameras inside Roy’s cabin were either non-functional or failed to capture events clearly, forcing reliance on witness statements and timelines. The SIT is examining discrepancies in accounts provided by staff and family members, including the time Roy entered the cabin and when the door was opened after the gunshot.
Hospital and post-mortem reports confirmed that Roy died from a single self-inflicted gunshot wound. The 6.35 mm bullet entered his left chest, pierced the heart and lungs, and lodged near the back, causing near-instant death.
Kerala Chief Minister Pinarayi Vijayan has written to Union Finance and Corporate Affairs Minister Nirmala Sitharaman, seeking a judicial enquiry into the incident. In his letter, Vijayan described Roy’s death as an unnatural one and sought greater clarity over the matter. Responding to allegations that pressure from the Income Tax department led to Roy’s suicide, Karnataka Home Minister G. Parameshwara urged caution.
Speaking to reporters in Bengaluru, he said, “Everything will be ascertained once the probe is completed. Until then, we cannot arrive at any conclusion. It cannot be said at this stage that the suicide occurred due to a particular reason.”
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