The victim has been identified as Arun Naikuji, who belonged to the Gavali community, police said.
Police said members of the jaat panchayat had allegedly boycotted Arun and his family as his brother helped his friend marry a girl from another community.
"We have booked Vahappa Pailwan, Mankappa Aurange, Vitthal Pailwan, Kisan Janubas and other members of Veershaiva Lingayat Gavali Samaj Jaat Panchayat under IPC sections 306 (abetment to suicide) and 34 (common intention)," a police official from Chandan nagar police station said.
"On Sunday, Arun went to the panchayat members and tried to seek explanation from them why they were not being allowed to take part in the functions, where he was insulted.
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"Depressed due to the boycott and reeling under the insult by the panchayat members, Arun allegedly hanged himself in his room. The incident came to light today," the officer said.
He said that five years back, one a man from Lingayat Gavali community, had married a girl from other community and Arun's brother, Appa Naikuji, had helped him and even attended the wedding in Pandharpur.
"The members learnt that Appa had also helped him in the marriage, following which they passed an order for the community to boycott him and his family," he said.
Further investigation is on.