From CJ Roy to VG Siddhartha: Indian Business Icons Who Died Amid Agency Probes

The shocking death of Confident Group chairman C J Roy during an Income Tax raid revives chilling memories of businessmen and officials who died by suicide amid probes by central agencies.

The Indian business world woke up to shock and disbelief after news broke that Confident Group Chairman CJ Roy died by suicide on Friday afternoon at his office in Bengaluru. According to the police, Roy, who was in his late 50s, sustained fatal bullet injuries from his licensed firearm inside his office near Richmond Circle. Sources said staff members rushed to his room after hearing a gunshot and found him lying in a pool of blood.

He was immediately taken to a hospital, where doctors declared him dead.

The Police Commissioner said Income Tax searches had been underway in the city for the past three days. Meanwhile, Income Tax sources stated that searches on Roy’s premises had begun around two months ago.

Police have initiated further investigation and said more details would emerge after procedural formalities are completed.

As investigators piece together the circumstances surrounding Roy’s death, public attention has once again turned to a disturbing pattern seen over the years — business leaders and senior officials ending their lives amid investigations by central agencies. Several such cases continue to raise uncomfortable questions about pressure, accountability and mental health.

Manoj Parmar: ‘Crushed by pressure’, suicide note alleged

In December 2024, Manoj Parmar, a well-known businessman from Madhya Pradesh, and his wife Neha Parmar were found hanging inside their home in Sehore district.

What made the case deeply political was Parmar’s alleged suicide note, which claimed that relentless pressure from the Enforcement Directorate (ED) and certain BJP leaders had pushed him to the edge. According to reports, Parmar had also made an emotional appeal to Congress leader Rahul Gandhi, urging him and other party leaders to ensure the safety and future of his children.

The allegations triggered a political storm in the state, with opposition parties demanding accountability, while central agencies denied any wrongdoing.

VG Siddhartha: The fall of India’s ‘Coffee King’

Few business deaths shook India as profoundly as that of VG Siddhartha, founder of Cafe Coffee Day. Once hailed as India’s “Coffee King”, Siddhartha disappeared one evening in July 2019. His body was later recovered from the Netravati river near Mangaluru, where he had jumped from a bridge.

In a heart-wrenching suicide note, Siddhartha wrote about unbearable stress caused by pressure from former Income Tax officials and the attachment of his shares, which he said left him broken despite years of effort.

Ironically, in the years following his death, Cafe Coffee Day stabilised and slowly clawed its way back into the business landscape — a reminder of the human cost paid before recovery arrived.

BK Bansal: A family wiped out

Perhaps one of the most tragic episodes linked to investigative pressure was the death of BK Bansal, former Director General of Corporate Affairs, and his family.

After Bansal was arrested by the CBI in a bribery case related to a pharmaceutical company, his wife and daughter died by suicide in September 2016 inside their Delhi flat. Two months later, Bansal and his son also took their own lives in the same apartment.

Suicide notes left behind by the family made serious allegations against the CBI, accusing the agency of harassment and mental torture. The CBI strongly rejected the claims, stating that it had acted strictly within the law.

A recurring question with no easy answers

The death of CJ Roy has once again reopened a difficult national conversation — one that goes beyond individual guilt or innocence. While investigative agencies insist their actions are lawful and necessary, families left behind often speak of overwhelming pressure, public humiliation and emotional collapse.

As more names are added to this tragic list, the question remains unresolved: Where does accountability end, and where does humanity begin?