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Relatives alleged that money lenders tormented Sarin's family at their home and hotel for repayment of the debt.
The team led by Viswanathan Anand lost to the United States in a tie-break.
Kerala boy Nihal Sarin scored a win in the tie-breakers as India crushed Ukraine in the quarterfinals
In the play-offs, the Indian team captained by GM Viswanathan Anand will take on the runner-up team from pool-C.
India won two matches and drew one in Pool B on the opening day.
The 11-member India team will be captained by former world champion Viswanathan Anand.
He has also been awarded as the Youth Ambassador of Uttarakhand by the Uttarakhand Government.
The Thiruvananthapuram player secured 7 points from nine rounds to finish behind German GM Alexander Donchenko, who had 7.5 points.
Jhunjhunwala, known as 'India's Warren Buffett' for his successful stock investments, plans to team up with former CEOs of IndiGo, the country's biggest carrier, and Jet Airways to tap into demand for domestic air travel.
The 15-year-old defeated Michal Krasenkow to advance to the fourth round.