C J Roy death probe expands to Kochi flat deals; Dubai investments also under scanner

KOCHI: The investigation into the death by suicide of Confident Group Chairman C J Roy has widened to include real estate transactions involving flats sold in Kochi last year, according to sources familiar with the probe.

Investigators suspect that the sale of 156 flats in Kochi at prices allegedly far below their actual market value may have triggered the Income Tax Department’s raids on the Confident Group. Flats reportedly worth around Rs 1 crore were shown in official sale documents at prices ranging between Rs 40 lakh and Rs 50 lakh, raising concerns of property undervaluation, unaccounted cash transactions, and tax evasion.

Following these flat transactions, the Income Tax Department began closely tracking Roy and the Confident Group. As part of the investigation, searches were conducted in Bengaluru in November and December. Officials also sought details of the company’s overseas investments. Digital records, bank details, and sale agreements were taken into custody. If illegal money transactions are detected, the Enforcement Directorate (ED) is also likely to launch an investigation.

Agencies have also raised suspicions over large investments made in Dubai without bank loans. There are questions surrounding Roy’s decision to withdraw a petition filed in the High Court on December 16 on behalf of eight companies against the raids, just two days later. Investigators are expected to seek clarification from the legal counsel of the Confident Group on this matter.

Prominent political leader's name mentioned in suicide note
Meanwhile, investigators are examining call records to find out whom Roy contacted shortly before his death. There are also reports that the suicide note, written across nine pages in a diary, mentions the name of a prominent political leader. The investigation team is also looking into whether Roy was under severe mental stress. It is reported that he had visited a doctor in Jayanagar in the days leading up to his death.