Financial crisis drives businessman to end life in Hyderabad

Hyderabad: Financial crisis due to the COVID-19 pandemic drove a businessman to commit suicide here at Shamirpet on Friday. The businessman identified as Ravi was found hanging from a tree near his house.

Ravi, a resident of Lalgadi Malakpet in Shamirpet is into a sand business which was badly-hit due to the COVID-19 induced lockdown. With no business for the past few months, Ravi slipped into debts. He borrowed loans from the banks to revive his business but in vain. Unable to pay the loan back and huge losses in the business, Ravi slipped into depression when made to take the extreme step.

Locals found him hanging from a tree in the morning and alerted the police. The Shamirpet police registered a case and launched an investigation. The body was sent to Gandhi Hospital for autopsy. Ravi is survived by his wife Jaya and two children.

The sand business has been badly hit in Hyderabad after the coronavirus outbreak due to the lockdown. Many construction works have come to a halt due to the pandemic and all the businesses related to the industry have seen the losses. Although the construction works have been resumed after three months, many traders have not managed to come out of the losses.