Gangavathi: In a shocking incident, a prominent gold trader, unable to bear the burden of loans worth several crores of rupees taken from private individuals and various banks, died by suicide along with his wife and son in Prashanth Nagar of the town on Saturday (July 4).
The deceased have been identified as Prakash Raikar (54), who had been running Kamakakshi Jewellery in the town for several decades, his wife Prabha (45), and their son Shashank (25), who was studying engineering.
It is said that Prakash had suffered heavy losses in his business in recent days due to the sharp fluctuations in gold prices.
For his business, he had borrowed loans worth several crores of rupees from nationalised banks, cooperative banks and private individuals. As the debt burden increased, the family had recently vacated their own house in Prashanth Nagar and shifted to a rented house on Kanakagiri Road.
On Saturday morning, the family returned to their old house in Prashanth Nagar on Koppal Road, where they died by suicide by hanging.
District Superintendent of Police (SP) Dr Ram L. Arasiddi, DySP J.N. Nyamagouda, and CPI Prakash Yatanur visited the spot and conducted an inspection.
A case has been registered at the Gangavathi Town Police Station, and the exact reason behind the incident will be known only after the investigation is completed.