Delhi police today denied any foul play in the death of MG George Muthoot.
“Muthoot Group Chairman MG George Muthoot fell yesterday from the fourth floor of a building in East Kailash, Delhi. He was rushed to Fortis Escort Hospital and pronounced dead during treatment. His autopsy was performed today. No dirty act is suspected. ” Delhi police said according to ANI news agency.
MG George Muthoot, largely credited with making Muthoot Finance a pan-India and the largest NBFC gold loan, passed away on Friday night. As president of the company, he played a pivotal role in taking Muthoot Finance to new heights, expanding its reach across the country and even abroad, especially in the Middle East.
Muthoot, 71, has long been in the national capital despite the fact that his diversified group that manages more than 20 businesses, from gold loans to securities, real estate to infrastructure, hospitals to hospitality and education, is based in Kochi, making it one of the largest business houses in the state.
“The sudden and unexpected disappearance of MG George Muthoot will be an irreparable loss to the Company, employees, all stakeholders, family and friends. All the directors and employees of the Company convey their deepest condolences, regrets and condolences to his family, “Muthoot Finance said in a regulatory filing on Saturday without giving the reason for the cause of death. He was responsible for expanding the presence of the Muthoot Group beyond the southern region by expanding its branch presence in the north, east and west and thereby transforming the company into an all-India organization, he said.He was instrumental in converting loan financing from Gold in an organized business. According to a company official, the President died Friday of a heart attack. However, family sources said he had a fall at home and could not be saved.
His sudden and unexpected death will be an irreparable loss for the company, employees, all stakeholders, family and friends, according to the document. Mathai George George Muthoot was born in November 1949 in Kozhencherry in present-day Pathanamthitta district of Kerala as the son of M George Muthoot, who started the financial business and as the grandson of Muthoot Ninan Mathai, the founder of the group. After graduating from the Manipal Institute of Technology with a degree in mechanical engineering, Muthoot joined the family business as an office assistant and in 1979 became the managing director and president of the group in February 1993. In the early 1990s 1980, the great family separated and the family empire was divided between the brother cousins and this led to the creation of Muthoot Pappachen Group, another diversified group in the state that runs rival gold loan company Muthoot Fincorp. Muthoot Finance, the flagship of the Muthoot Group, had a loan book of about ₹56,000 crore in the December quarter 2020. The group has multiplied under his leadership: When he took over, it had only 31 branches, but it has more than 5,550 branches across the country and outside the group.
Muthoot leaves behind his wife Sara George and two children. While the eldest son George M George is the executive director of the group, the youngest son Alexander George is the director of the group and the second son Paul Muthoot George was assassinated in 2009. He was also a lay trustee of the powerful Orthodox Church in the state. and was also a member of the national executive committee of Ficci and chaired the council of Ficci Kerala. Forbes Asia listed him as the 44th richest Indian in 2020 with close to $ 5 billion in assets and the richest Keralite.
- With inputs from agencies
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