Sree Narayana Dharma Paripalana (SNDP) Yogam Kanichukulangara Union secretary K.K. Mahesan was found hanging in his office on Wednesday.
Mahesan was a close associate of SNDP Yogam general secretary Vellappally Natesan.
The police said that he was found hanging inside the union office. They have recovered a note left by the deceased before he died.
Mahesan was the State coordinator of the SNDP Yogam's controversial microfinance scheme. Earlier this month, the Crime Branch team probing microfinance scam interrogated Mahesan and recorded his statements.