The deceased was identified as Kisan Narayan Jadhav, a resident of Kololi Supa, a small village in the tehsil.
According to police, Jadhav took the extreme step yesterday.
"Jadhav was a farmer and a cattle trader and used to deal in purchase and sale of cows, bulls and buffaloes in the vicinity. As per preliminary information, Jadhav had borrowed money from people and also had outstanding loans to a couple of co-operative banks. It seems that due to mounting debts, he might have taken the drastic step," said a police officer, attached to Wadgaon-Nimbalkar police station.
"Next day, his brother received a call from some villagers who informed him that Jadhav has hanged himself from a tree," said the officer.
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We are still investigating the exact reason behind the suicide and how much did he owe to banks and others, he said.
Police said that no suicide note was found. A case of accidental death has been registered and investigation is on.
The farmer is survived by a son and wife.