CNN
 — 

Subrata Roy, the founding father of Sahara, as soon as certainly one of India’s largest conglomerates, died on Tuesday, his firm mentioned in a press release. He was 75.

Roy died in a Mumbai hospital following “an extended battle with complications arising from metastatic malignancy, hypertension, and diabetes,” the assertion mentioned.

Roy was admitted to hospital on Sunday, in accordance with the corporate, which described him as a “guiding force, a mentor, and a source of inspiration.”

“His loss will be deeply felt by the entire Sahara India Pariwar,” it added, referring to the total identify of the group.

It was based by Roy in 1978 and operates in sectors together with actual property, banking, manufacturing and media.

At one level, it was India’s largest non-public sector employer. The firm sponsored the Indian nationwide cricket group and owned a stake in India’s Formula One group, on high of buying luxurious accommodations in London and New York.

Considered one of many nation’s most flamboyant tycoons, Roy rubbed shoulders with the Indian elite, together with Bollywood superstars and high-profile politicians.

But he had been embroiled in controversy and was concerned in a prolonged authorized battle with the Securities and Exchange Board of India, the securities regulator, over the reimbursement of billions of {dollars} to buyers. In 2012, India’s Supreme Court dominated the group had raised funds by unlawful bonds.

He was arrested in 2014 and has been on bail since 2016, in accordance with Reuters. Roy denied any wrongdoing.

Roy’s story and authorized battles have been featured within the Netflix docuseries “Bad Boy Billionaires,” which chronicled the rise and fall of 4 Indian businessmen, accused of corruption. All deny the claims.

Since information of his dying broke, tributes to Roy have flooded social media.

“Heartbroken to learn about the passing of Sahara Shri Subrata Roy,” former Indian Olympian PV Sindhu wrote on X, previously often known as Twitter. “Rest in peace, dear uncle. Cherishing fond memories of the time spent with you and aunty every time I visited Lucknow. You always treated me with nothing but love, affection, and respect.”

Indian actor Anupam Kher wrote: “He was always ready to help, kind and larger than life. May god rest his soul in peace.”

Roy is survived by his spouse and two youngsters.