CHENNAI: A 54-year-old rice mill owner, who had disappeared from his house on July 17, was found dead in a godown at Puzhal on Wednesday.

The deceased was identified as Vel Kumar, a resident of Vinayaga Puram in Puzhal. Police said Vel Kumar took the extreme step as he failed to pay the debt of Rs 80 lakh he had borrowed to operate the rice mill.

They said Vel Kumar had leased the mill from Prabhakaran and incurred heavy losses in the business. He tried many measures to save his company and drained his resources, including borrowed money.

On July 17, he left the house in his car after informing his wife that he was meeting a client in a neighbouring district. His wife lodged a missing complaint last month since he never returned.

Prabhakaran received a message from the TNEB that power had been disconnected from his mill building as Vel Kumar had not paid the bill. When he visited the complex, he found Vel Kumar's car parked outside the mill and sensed a pungent smell.

Upon receiving the information, the police team visited the mill and recovered Vel Kumar's decomposed body. Further probe is on.