Kochi flat sale controversy casts shadow over C.J. Roy’s suicide mystery

C.J. Roy’s suicide tied to Kochi flat sales at undervalued prices with cash deals; Kerala CM demands judicial probe into IT raid lapses

The tragic death of business tycoon C.J. Roy has shaken Kerala’s business community, with investigators now focusing on his controversial Kochi flat sales as a possible trigger. Roy, who built a vast empire and completed major projects in Dubai without loans, allegedly sold 156 flats in Kochi in 2025 at undervalued prices, raising suspicions of tax evasion.

Reports suggest that while online transactions were recorded at lower amounts, buyers allegedly paid additional sums in cash. This dual system of undervalued digital payments and unrecorded cash dealings has drawn the attention of Income Tax (IT) officials, who suspect large-scale evasion. The raids conducted in late November and early December 2025 were believed to have centered on these irregularities.

Roy had initially challenged the IT raids, filing a writ petition in the Kerala High Court on behalf of eight companies, claiming the searches and panchanama were illegal. However, he withdrew the petition within two days, a move that has puzzled observers. The sudden withdrawal has fuelled speculation that mounting pressure over the Kochi flat transactions may have left him cornered.

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The controversy deepened when Roy allegedly left behind a nine-page note mentioning several names, including a politician, though investigators argue his personal diary cannot be considered a death note. SIT officials maintain that the diary contained routine entries rather than a final message.

Kerala Chief Minister Pinarayi Vijayan has demanded a judicial probe, writing to Union Finance Minister Nirmala Sitharaman. He criticized the IT department’s handling of the raid, questioning how Roy was able to move into another room and take his life during the operation. Vijayan called the incident a blot on the country’s tax administration and insisted that only a judicial inquiry could uncover the truth. 

The Kochi flat sale controversy has thus become central to understanding Roy’s final days. Allegations of undervalued transactions, cash dealings, and tax evasion have cast a shadow over his legacy. As investigations continue, the unanswered questions surrounding the flats—and the tycoon’s shocking end—remain at the heart of one of Kerala’s most high-profile business mysteries.

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