Local people noticed Gayadhar Rout hanging from a banyan tree near the village pond last night and informed his family.
Prima facie it appeared that he committed suicide, sources said.
Police said Rout had taken loans from the local co-operative service society and private money lenders for cultivating sugarcane on his land.
But as the yield was not good, he was unable to pay back his loans and money lenders were pressurising him to repay the loans with interests soon, his family members alleged.
The body was sent to the district head quarters hospital for post mortem.
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