Kalpetta: Dismissing rumours surrounding the death of business tycoon Joy Arakkal, his family stated that the altercation with a project director about a multi-crore project in Sharjah, UAE, is the sole reason that drove him to suicide.
Joy's company, Innova Group of Companies had spent a big amount to set up an oil refinery at Hamriyah free-zone in Sharjah and almost 90 per cent of the Rs 2,500-crore project was completed. "Despite this, Joy had to face criticism from the project director regarding a delay in the completion of the project. This eventually took a toll on him," his family said.
His son has filed a case against the project director with the Dubai Police. "The police said that the investigation report would be provided later," said Joy's family.
During a phone call with relatives, four days before his death, Joy had given indications that he was facing a financial crisis.
"Joy did not inform his employees about the matter. According to him, the project director seemed reluctant to complete the project," said a family member.
The commissioning of the project itself was doubtful at one juncture. Besides, the project director asked more money, his relative said.
"All these incidents could have caused Joy severe mental stress," he added. Joy reportedly knew the project director for three-four years.
"Joy had faced business crises earlier too, but this might have been worse," the relative added.
Joy started his career in Dubai as an accountant and went on to become the owner of one of the best refineries in the world. He was the managing director of the Innova Group.
He hogged limelight in Kerala after he moved into his new house, Arakkal Palace, at Mananthavady on December 29, 2018. The 25,000-sq-ft mansion is one of the biggest houses in Kerala.
He has also received a life-time achievement award from Kerala Chief Minister Pinarayi Vijayan. Joy last visited his native place in Wayanad during 2019 Christmas and returned to the UAE in January.
