Kartik Hui (27), a local businessmen, apparently committed suicide by hanging himself last night after killing his mother and wife at their residence, Superintendent of Police S M H Meerza said.
A suicide note left by Kartik said that he had taken the drastic step after suffering irreparable loss in business this year, he said.
The locals broke into the house this morning after spotting a poster written in red which warned people not to enter the house alone.
Kartik's mother Madhuri's (60) body was found lying on the bed in a room tied with a rope around her neck while his wife, Sathi's (22) body was found lying on the floor in another room.
