Gujarat’s IPS and IAS officers have invested Rs 22,500 Cr in stock and real estate

Surat : Gujarat is India’s wealthiest state, and what better way to represent that affluence than for IAS and IPS personnel to engage in real estate and the stock market? Gujarat’s IAS and IPS officials have a total investment of Rs 22,500 crore in the stock market and real estate.

This was discovered in an article published on April 15 by the leading vernacular daily ‘Divya Bhaskar’. According to the newspaper, Gujarat’s IAS and IPS officers, who hold high-ranking positions in the state government, have invested Rs 7,500 crore in the stock market and Rs 15,000 crore in the real estate market across the state and a few states across India.

Vipul Mittra, chairman of  Gujarat Narmada Valley Fertilizers & Chemicals Limited (GNFC), owns a property worth Rs 20.73 crore and receives Rs 55 lakh in rent each year. When compared to other government employees, Mittra leads the investment chart in Gujarat.

The government of India has asked the IAS, IPS, and other government personnel to give details on their stock market investments. Until now, government officials provided details on their incomes and real estate holdings.

According to information acquired by Divya Bhaskar from Gujarat stock market traders, about 90% of the IAS, IPS, MLAs, and Ministers have invested in the stock market in the names of their family members, relatives, and acquaintances. These individuals register Demat accounts in the names of their close friends in order to redirect their funds into the stock market.

Maharashtra’s government officials and ministers have invested Rs 50,000 crore in stock market trading, followed by Rs 35,000 crore in New Delhi, Rs 20,000 crore in Karnataka, and Rs 8,000 crore in Gujarat.