The police said that P Srinu (35), ran a private chit fund by collecting amounts daily from small businessmen and housewives in Jaggampeta.
He ended up with a debt of Rs 1.5 crore even as pressure has mounted for re-payment of the amount.
A complaint was lodged at the Jaggampeta police three days ago, and the police called Srinu to the station.
"We don't know why he committed suicide. Srinu came to the police station for the last three days. Due to some delay he stayed in the police station last night after which his body was found hanging. We are probing the incident," the police said.
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