Babulal Sirvi took the extreme step yesterday by jumping into the well, Superintendent of Police Amit Singh said.
While his kin said that he ended his life due to 'indebtedness', the SP said investigation is on to find out the money Sirvi owed to others and the exact reason that prompted him to take the extreme step.
Sirvi was unmarried, Singh said.
His father Govind said Sirvi had taken a loan of Rs 2.90 lakh from a bank in 2010 but was unable to pay it back as his crops got damaged for three consecutive years.
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Govind said that due to interest, the loan money swelled to Rs 7 lakh and alleged that for last couple of days, the bank staffers were exerting pressure on Sirvi to pay the debt.
"Following this my son was under tremendous pressure," he claimed.
A case has been registered in this regard, police said.