Virender Basoya's body was found hanging from a ceiling fan with a dupatta around noon by his wife who informed the police and neighbours, said a senior police officer.
People close to the deceased claimed that he was in depression after he failed to exchange his demonetised currency notes worth Rs 12 lakh, despite several attempts.
They also claimed that Basoya used to work as a money-lender and his dues were repaid in demonetised currency notes of Rs 500 and Rs 1,000. His neighbours said he had tried to exchange the money at banks and even with agents, but had not succeeded.
However, according to the police, preliminary investigations did not confirm that Basoya was depressed over demonetisation.
"He was going through financial problems for the last few months which could have led to depression," said a senior police officer, adding that no suicide note was found from the house. Basoya was also having some personal issues, police said.