Family members of Bardhi Lal Rathore (66) claimed he had taken a loan from State Bank of India and was under stress due to heavy debt burden.
He hanged himself from a tree in an agricultural field in Sunail town last evening, Jhalawar DSP Vaibhav Sharma said.
Administration officials, however, denied Rathore took the extreme step due to debt.
The family said Rathore had tea and left for the field in the evening. When his wife and son went to the field to bring back their cattle, they found his body hanging from a tree.
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Back-to-back crop failure over two years worsened their financial situation, they claimed.
Village head Rajesh Mandori said the farmer had approached him for help but "I did not have enough money".
Local administration officials said Rathore ended his life over personal issues.
Sub-Divisional Magistrate, Bhawanimandi, Rakesh Kumar Meena said Rathore owned 11 bigas of land and had a good crop yield.
DSP Sharma said no suicide note has been recovered from the farmer and a case of suicide has been registered.
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