Karnataka elections 2013: Miners selling property to fund polls
Bangalore: It might sound amusing, but the fact of the matter is the mining barons in Karnataka are cash-strapped and are selling off their residential and commercial complexes to raise money for next month’s assembly elections.
According to a news report, a mining baron and an election candidate is ready to sell off his two apartments.
The 2011 Supreme Court verdict, which had banned illegal mining in Karnataka, has left many mine owners cash-strapped as there has been no income since the ban was imposed.
Many political parties and candidates who were thinking of getting huge amounts of money support from some of the mining barons are disappointed, as the mine owners are cautious of the investigating agencies.
To add to the dilemma of these mining barons, the buyers are also apprehensive of buying their properties fearing an investigation by the security agencies. The people who are willing to buy such properties are quoting a lesser price than the market.