Maharashtra: Unable to repay Rs 60-lakh bank loan, brothers commit suicide

Mangalore Today News Network

Maharashtra, Apr 04, 2017: Two brothers from Karad in Maharashtra’s Satara district allegedly committed suicide on Monday because they were unable to repay a bank loan. Police, however, recorded both the cases as ‘accidental deaths’.

Vijay and Jagannath Chavan, who used to run an agro-processing unit at Kadegao MIDC near Karad, were allegedly hounded by loan recovery agents over the last few days. They had reportedly taken a loan of Rs 60 lakh for setting up the plant.

Relatives said the brothers were kept constantly on the edge by calls from bank representatives, who were trying to retrieve the money ahead of the new financial year. On Monday evening, Vijay committed suicide by consuming poison. A few hours after his body was found, Jagannath also ended his life by jumping before a train passing through the area.

Vijay and Jagannath, both BSc (agriculture) degree holders, had launched the agro-processing unit three years ago. A large number of people gathered out the hospital, where their bodies were taken for a post-mortem examination.