According to reports, the attackers following Paul's Scorpio, forced him to stop and attacked him. Paul's friend Manu, who was travelling with him, has been admitted to the Alappuzha Medical College hospital with blade injuries on his arms.
Police said, "Paul had left his office in Ernakulam with his friend at about 4.30pm on Friday for Alappuzha. They stopped at one of the group's under-construction resorts before proceeding to their guest house when the attackers' van intercepted their vehicle."
"Though Paul tried to flee, a group of assailants pounced on him and stabbed him repeatedly," police added.
Sources said that Paul, who was also the executive director of the Muthoot Group, had interests in real estate and as such business rivalry might have led to the crime.