The incident took place on Thursday when Suraj's body was found hanging in his room by his family members, station in-charge R P Sharma said.
A suicide note was recovered in which the deceased stated that he took the extreme step after he was blackmailed by his friends Manish and Girish for Rs 50,000, he said.
Later, on the complaint of the victim's family members, a case has been registered against the absconding duo.