In his early years he won several wrestling competitions and a few gold medals, but had to stop his sports career because of a criminal conviction due to his involvement in a group rape.

After the death of his brother Vasil Iliev, he became the boss of a criminal organization called VIS, which fronted as a legitimate security and insurance provider.

The former head secretary of the Bulgarian Ministry of Internal Affairs Boyko Borisov claims to information showing Georgi Iliev's involvement in drug dealing and smuggling operations.

[1] He was shot and killed at a restaurant in Sunny Beach, a resort town on Bulgaria's Black Sea coast near the city of Bourgas, by a suspected sniper.

The same evening his club Lokomotiv won 1:0 against OFK Beograd (2:2 on aggregate) and continued in the next round of UEFA Cup where it was eventually eliminated by Bolton.