Manoj Chaurasia /The Statesman
PATNA: What do underworld figures do with
their ill-gotten gains these days? Apparently, at least in Bihar, many of
the gangsters and underworld dons have been investing heavily in the now
booming real estate business.
Police investigating known underworld figures have found that some of the gangsters have even expanded their business outside Bihar, acting through various fictitious companies to avoid getting caught in legal wrangling or other business problems.
Previously, they would fritter away the loot from extortion and kidnapping on the luxuries of life, buying expensive cars or sophisticated firearms. “Their style has changed now. They now want their income to be solid, rather than getting too dependent on illegal activity such as extortion or kidnapping,” said a police officer who wanted not to be named.
According to police, Bihar's underworld figures are heavily involved in real estate business across many states, including Bihar, Jharkhand, Orissa, Uttar Pradesh, West Bengal, Rajasthan, Karnataka and Maharashtra. Some of them are also involved in operating petrol pumps, transport business and have also taken big contracts.
This came to light after the police arrested a number of dons like Pintu Singh, Pappu Khan alias Pappu Miyan, Kundan Singh, Ayub-Rais Khan and Ritlal Yadav. What emerged during the course of their interrogation surprised the cops.
Pintu Singh, who is accused of extorting huge amounts from transporters, has invested the money in real estate business in Kolkata, Mumbai, Bangalore and other metros. Similarly, police have come to know that gangster Kundan Singh has a real estate business in places like Jamshedpur (Jharkhand), Bihar, and Orissa. He is also involved in petrol pump and transport business. Similar is the case with Ritlal Yadav, accused of kidnapping people for ransom, who has invested the money in real estate business in various places in Bihar and West Bengal.
Officials said the gangsters were attracted to the real estate/construction business after the sudden boom in the sector during the last seven years under the Nitish Kumar government.
Such has been the boom that the price of land has shot up more than four-fold in the past few years, with apartments mushrooming in every nook and corner across the state capital.
Now that there
is scarcity of land, promoters are approaching land owners and convincing them
to built apartments on their land after dismantling their homesteads. With no
regulation, construction is taking place haphazardly all over Patna, and with
high demand, there has been an alarming rise in property rates.
Apartment flats
which barely a few years back were available for a maximum of Rs 600 to
Rs 700 per square feet are now being sold at a minimum of Rs 4,000 to
8,000 per square feet.
“The spurt in Bihar's economy is basically construction-driven growth, with the construction and hotel sectors contributing about 26.60 per cent and 20.10 per cent of the total growth respectively, which is not permanent.
“The spurt in Bihar's economy is basically construction-driven growth, with the construction and hotel sectors contributing about 26.60 per cent and 20.10 per cent of the total growth respectively, which is not permanent.
The agriculture which is a primary sector
and upon which 80 per cent of the state’s population is dependent, however, has
registered a negative growth”, says Prof
Nawal Kishore Chaudhary, an economics professor at Patna
University.
He said the state's growth cannot be consistent unless there is
focus on the primary sector, like agriculture and animal husbandry, fishing and
forestry. “Sadly, this has been negative,” said Prof Chaudhary.
(This story was initially published in The Statesman)