Car loan debt drives truck owner to end his life – The New Indian Express


By Express press service

KEONJHAR: Unable to repay his car loan, a debt-ridden truck owner committed suicide in Telkoi here on Thursday evening. The deceased was identified as Mukund Mahakud, 45, from Chhamunda village within Telkoi police boundaries. Mahakud is said to have taken an extreme step as he was under intense stress from mounting debt.

Sources said he took out a loan from a private finance company to buy a 12-wheeler truck two years ago. Mahakud had engaged his vehicle in transporting iron ore from a mine. However, the loading of iron ore was stopped about six months ago, after which his truck sat idle at his home.

Without any income, Mahakud started defaulting on his car loan. He managed to erase part of the debt by selling his land. But for the past four months he has been unable to pay the monthly installment for his truck and has been under severe mental stress.

As the finance company sent repeated warnings for non-payment of the loan, Mahakud hung himself from a power pole near his parked truck. Informed, the Telkoi police reached the village of Chhamunda and sent the body of the truck owner for an autopsy. Police said further investigation was underway.

Sources have said that in the mineral-rich district of Keonjhar, many transporters are unable to repay their vehicle loans after iron ore loading at various mines was interrupted. They are forced either to return their trucks to financiers or to sell them.

(Suicide Hotlines — Maithri, Cochin: +91 239 6272; Sumaitri, New Delhi: 2338 9090, Sneha, Chennai: 91-44-2464 0050, 91-44-2464 0060, Aasra, Mumbai: 9820466726, Fortis Mental Health: 8376804102)

KEONJHAR: Unable to repay his car loan, a debt-ridden truck owner committed suicide in Telkoi here on Thursday night. The deceased was identified as Mukund Mahakud, 45, from Chhamunda village within Telkoi police boundaries. Mahakud is said to have taken an extreme step as he was under intense stress from mounting debt. Sources said he took out a loan from a private finance company to buy a 12-wheeler truck two years ago. Mahakud had engaged his vehicle in transporting iron ore from a mine. However, the loading of iron ore was stopped about six months ago, after which his truck sat idle at his home. Without any income, Mahakud started defaulting on his car loan. He managed to erase part of the debt by selling his land. But for the past four months he has been unable to pay the monthly installment for his truck and has been under severe mental stress. As the finance company sent repeated warnings for non-payment of the loan, Mahakud hung himself from a power pole near his parked truck. Informed, the Telkoi police reached the village of Chhamunda and sent the body of the truck owner for an autopsy. Police said further investigation was underway. Sources have said that in the mineral-rich district of Keonjhar, many transporters are unable to repay their vehicle loans after iron ore loading at various mines was interrupted. They are forced either to return their trucks to financiers or to sell them. (Suicide Hotlines — Maithri, Cochin: +91 239 6272; Sumaitri, New Delhi: 2338 9090, Sneha, Chennai: 91-44-2464 0050, 91-44-2464 0060, Aasra, Mumbai: 9820466726, Fortis Mental Health: 8376804102)

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