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Chandrasekhar, 57, was found in his bedroom by his family in the southern city of Chennai on Thursday evening, police investigator Senthil Murugan said.
"We have booked a case of unnatural death. According to our preliminary investigation, he has been under a financial stress. The autopsy report is awaited," Murugan said.
Opening batsman Chandrasekhar represented India in seven one-day internationals from 1988-90 and helped Tamil Nadu state win the 1987 Ranji trophy.
He owned a Tamil Nadu Premier League team, the VB Kanchi Veerans, and also ran a cricket academy, VB's Nest, in Velachery, the Times of India daily reported online.
"Very sad to hear of the passing away of VB Chandrasekhar. Have fond memories of him. My condolences to his family," former India great Sachin Tendulkar tweeted.
On the way to his 43rd One-Day International (ODI) ton, India skipper Virat Kohli created yet another world record as he became the first batsman to score 20,000 international runs in 10 years.
“Tendulkar batted in the toughest era of cricket. If he had to get the chance now, he may hit more than 1.30 lakh runs. So it’s not good to make a comparison between Sachin and Kohli,” Akhtar said during a live video session on Helo app.
"His warmth and passion for playing and watching Cricket was endearing," Tendulkar wrote of his meeting with Raiji on Twitter following the announcement of the death.
Waqar shares a meaningful note to define the sportsmanship of the champions after India suffered their first defeat of this World Cup against the hosts
Max Verstappen sprung what could be the surprise of the Formula One season by beating Lewis Hamilton to win the 70th Anniversary Grand Prix on Sunday.
Lionel Messi scored a brilliant solo goal as Barcelona saw off Napoli on Saturday but they are likely to need something even more special from their captain to beat Bayern Munich in the quarter-finals.
Derrick Lewis capped off the UFC Vegas 6 main event with a brutal knockout thanks to some vicious ground and pound while also entering the all-time record books at the UFC APEX in Las Vegas.
Space Blues unleashed a devastating turn of foot to secure a first G1 success with an exhilarating performance in the Prix Maurice de Gheest at Deauville, France, on Sunday.