Bengaluru, Feb 3 : Responding to allegations by the family of Bengaluru-based industrialist, Confident Group Founder and Chairman C.J. Roy, that pressure by the Income Tax department pushed him to suicide, Karnataka Home Minister G. Parameshwara stated that it was too early to link the death to the I-T pressure.

Speaking to reporters in Bengaluru on Tuesday, Parameshwara said, â??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.â??

Reacting to the letter written by Kerala Chief Minister Pinarayi Vijayan to Union Finance Minister Nirmala Sitharaman in connection with the suicide of C.J. Roy during an Income Tax department raid, Parameshwara said the I-T department comes under the Union Finance Minister and that a decision on ordering a probe should be awaited.

Parameshwara, responding to a question on the issue, said, â??I am aware of the letter written by Kerala Chief Minister Pinarayi Vijayan to Union Finance Minister Nirmala Sitharaman regarding the suicide of industrialist C.J. Roy. I do not know the contents of the letter, but we should wait to see what decision is taken. The Income Tax department comes under Union Minister Nirmala Sitharaman. I do not know whether she will order a judicial inquiry or any other probe.â??

He further said that a Special Investigation Team (SIT) has been formed at the state level and that it has already begun its investigation. â??We will make a decision based on the outcome of the investigation,â?? he added.

Parameshwara said that once the probe is completed, the reasons behind the suicide would come to light. He added that the police have initiated the investigation and will record statements from the family members and others concerned, and examine all aspects that emerge from those statements.

However, police sources stated that C.J. Roy had been under severe financial distress for the past six months.

According to police sources, Roy had not taken any bank loans for his business ventures. His operations had expanded not only across Karnataka and Kerala but also overseas. However, for new projects, instead of bank funding, investments had reportedly come directly from certain politicians. Investigating agencies suspect that a large portion of this money could have been unaccounted for or â??black moneyâ??.

Police sources further stated that the new projects undertaken by Roy, however, did not achieve the expected success. At the same time, a significant portion of his income was spent on a lavish lifestyle. As a result, he had completely failed in managing his finances.

As the projects began incurring losses, some of the politicians who had invested started demanding the return of their money. Meanwhile, central investigating agencies had begun scrutinising Royâ??s business activities. The primary focus of the investigation was the source of funds for such large-scale businesses in the absence of bank loans, sources revealed.

It is now suspected that caught between pressure from investors on one side and questioning by the Income Tax department and other agencies on the other, Roy was reportedly unable to provide satisfactory answers and slipped into severe mental stress. Having suffered a complete financial collapse, Roy was also mentally broken. He had been battling acute stress and depression over the past few months. Fear that all aspects of his business dealings would be exposed during the investigation had also begun to haunt him.

Police sources suspect that all these pressures may have driven him to take the extreme step of ending his life.

C.J. Roy allegedly shot himself dead at his office in Bengaluru last Friday during an I-T raid. He shot himself in the chest in his first-floor office chamber. The probe revealed that he was alone in his chamber at the time. After hearing the gunshot, I-T officials rushed into the chamber and shifted him to a hospital.

Police further stated that during the I-T raids, after about an hour of questioning, Roy was asked to submit certain documents. After providing one set of records, the I-T officers sought additional documents. Roy then went to his chamber and allegedly shot himself.

/IANS