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Suffering from brain cancer for the past year, Rai had been hospitalized a few days ago and was on a life support system. He last breathed at 2 am on Friday.
Rai will be cremated later this afternoon.
Members of his family have asked his followers not to attend the funeral and respect the law. Due to Covid 19, only 20 people can attend any funeral.
The funeral would be attended by immediate members of the Rai family and some close associates.
Her oldest son Rocky settled in Canada and is unlikely to attend the funeral. Her other son, Vicky, was with Rai in Bangalore when he passed away.
He left a vast empire with business interests in real estate and hospitality in India and abroad.
A former bank employee, Rai came to the underworld in the late 1970s and settled in no time.
He is said to have been the first to introduce the weapon culture into the sword and machette that built the Bengaluru underworld in the mid-1980s.
He later changed his base to Mumbai and Dubai, where he established himself as a businessman while continuing his operations in the underworld.
Charged with the murder of a Subbaraju real estate agent in 2001, Rai was deported to India in 2002.
Subsequently, he was acquitted in all cases by the courts. For the past two decades, he claimed to have left the underworld and engaged in social work through Jaya
He was quite popular in organizing the Kambala (race of hailed buffalo) in his native Puttur in Dakshina Kannada. He was also president of the Karnataka Athletics Association.
The famous filmmaker Ram Gopal Verma is making a movie about Rai. Actor Vivek Oberoi will be seen playing the role of the gift in the movie Greatest Gangster Ever.
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