Mystery shrouds the death of Dubai businessman, Joy Arakkal

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Dubai’s leading industrialist, Joy Arakkal’s sudden demise, is reported to have happened due to the sudden plummet in international oil prices. Reports suggest that Joy committed suicide due to mental distress caused by the financial crisis. He was the Managing director of Innova Refining & Trading.

Friends, who did not want to be named, have reported that Joy ended his life by jumping from a multi-storey building. He faced huge financial loss following the abnormal drop in oil prices.

It is the first time in history that oil prices crashed into negative territory. Earlier, there were reports that the cause of death was heart attack. Some newspapers in Dubai have been confused with the news after the police stated that they were looking into the real cause of death.

There are unconfirmed reports that his son and a friend were on the premises at the time of his death. But Joy Arakkal seemed to have sidetracked them and reached to the top of the multi-storey building from where he jumped to his death.

In addition to oil trading, Innova Refining had also taken over the business of renting oil tankers. Friends of the group revealed that the oil crunch had hit the Innova Group, which has huge oil reserves. One of Innova’s major businesses was buying oil from various countries and selling it to other countries. According to information provided by Innova Company, the company has leased more than 1,800 tankers. They have reprocessing units in UAE and Saudi Arabia.

Joy Arakkal also ran Build Max, a company that provides Internet cable services. Build Max has partnered with UAE’s leading telecom company Etisalat to deliver Fiber to Home, a massive project. The Company has already completed over 200 projects.

Joy Arakkal who initially worked in the transport sector, turned to oil trading after the Iraq war. He had quickly become one of Dubai’s leading industrialists, buying and selling petroleum from oil producing countries such as Saudi, Iran and Iraq. He was known to be very socially active within his community and has worked with the group to provide housing for those who have lost their homes in the Kerala floods.

This may be the first case where-in the global oil market crisis has caused the death of a business man. Friends and relatives are trying to get the body back home.