Parrikar told the state Legislative Assembly that the committee would be headed by Goa Vikas Party legislator Fransisco Miccky Pacheco and it will submit its report within a month.
The chief minister said several members of the Assembly have "inputs" about Roy's reported involvement in the drug nexus and in demanding protection money, when his father was the Home Minister.
Agreeing to the apprehensions raised by the members, Parrikar said during his stint as Leader of Opposition, he had raised the issue on the floor of the House which remained unanswered due to frequent absence of the then Home Minister in the Assembly.
Roy's name had surfaced in a drug scam in 2010 after the arrest of Israeli national Yaniv Benaim alias Atala.
Crime branch had failed to probe the case, forcing the Bombay High Court bench at Goa to intervene and hand it over to Central Bureau of Investigation (CBI) for a detailed probe.
Parrikar said that one Prakash Metri, who is originally a 'stock witness' of police department in almost 55 cases, stood surety for Atala, which was "suspicious".
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"All these aspects including the surety to Atala would be investigated by the House Committee," he said.
Once the House Committee submits its report, it would be further probed by a police officer, who will file chargesheet into it, he said.
The state government has adopted a 'no tolerance' policy towards the trade of drugs and prostitution, Parrikar added.