It is suspected that Jagjivan Ram, who was partially disabled, was murdered for the Rs 1.2 lakh which he was carrying, and then hung from the pole.
He was found dead yesterday, they said, adding that the amount, which he had borrowed from friends to build a house, was missing.
The gun factory staffer had left from his workplace for home on Thursday. But when the resident of Mannipurwa Kaindha did not return home till late night, his family members undertook a search to find him.
They approached the police when he could not be traced.
The body has been sent for a post-mortem and Ram's colleagues are being questioned, police added.
