Southern producer Ravi Shankar Prasad, who has been missing since July 8, was found dead here Saturday, police said.
The body was found near Gogulalanka, a small village near east Godavari district. Police have not confirmed the cause of death.
"His body was recovered a few hours back near Gogulalanka. He was last seen walking on the Yanam bridge on July 8 at 3:22 a.m.," said a police official.
Ravi Shankar Prasad, who was the chairman of Regency Group of chain hotels, where he was staying since July 7. On the next day, he left the hotel early in the morning for a walk and never returned.
Earlier, police were suspecting it to be a case of kidnapping and even investigated the family if they had received a ranson call, but now police officials are not ruling out the possibility of suicide.
"The businesses he had set up recently were running in losses. The high-end film processing business and the recently started Rs. 20 crore dairy farm in Yanam incurred losses. He was under lot of mental agony due to heavy losses," added the police official.
Grandson of renowned southern producer L.V. Prasad, Ravi Shankar has produced southern films such "Shankar Dada MBBS", "Mayakkam Enna" and "Nanban".
Ravi Shankar was also managing director of Gemini Film Circuit, a leading production and distribution company in the south. He is survived by his wife and two daughters.