Economic slowdown has hit Dawood too

The crisis has forced underworld gangs to withdraw from usual investment activities; cops fear negative repercussions

The crisis has forced underworld gangs to withdraw from usual investment activities; cops fear negative repercussions

RAZED: One of the properties of don Dawood Ibrahim in Bhendi Bazar that was demolished eight years ago. file pic

Along with the rest of the world, the economic slowdown is also hitting the underworld hard. For the first time, fugitive don Dawood Ibrahim is withdrawing some of his investments from real estate and the Indian stock exchanges.

Crime Branch chief Rakesh Maria revealed that Dawood and his key lieutenants have been withdrawing from some of their prime businesses like real estate and Bollywood financing.

They do not want to take further monetary risks, as they have to pay huge amounts to the Pakistani government as protection money, added Maria.

The development assumes significance in light of the fact that the Indian government is exerting pressure on Pakistan to extradite Dawood so he can be tried in the country.

Crime Branch officials said Dawood and his cronies have been lying low for the past few months to avoid international attention, which could result in their deportation to India.

The result

The same trend is being seen among all other underworld gangs in Mumbai. But this withdrawal, law enforcement agencies believe, could have an undesired effect. They now fear that the lower rung of the underworld will be on their own after gangs feel the monetary pinch due to the lack of monetary activities, triggering a resurgence in underworld activities in Mumbai.

Police officials speculate that there will be a very sharp rise in economic offences. Officials said the splinter groups may resort to large-scale extortion to compensate for the loss of regular hafta from businessmen stung by the economic crisis.

Dawood's known properties
According to Income Tax reports, Dawood's properties in Mumbai are estimated over Rs 300 crore. These include...
jgara Mansion (Mandvi): Rs 66 lakh
Raunak Afros Hotel (Pakmodia Street): Rs 8 lakh
Damarwala Building (Pakmodia Street): Rs 35 lakh
24, Yakub Street: Rs 35 lakh
Industrial Gala (Tardeo): Rs 2.5 lakh
Umera Engg Works (Tardeo): Rs 2 lakh
22, Temkar Street: Rs 28 lakh
99, Ghaswala (Temkar): Rs 40 lakh
Garib Nawaz Guest Hosue (Nagpada): Rs 55 Lakh
Dewan Centre (Jogeshwari): Rs 41 crore
Perkar Mansion (Byculla): Rs 120 lakh
B Garage (Chowpatty): Rs 82 crore
49, Madha Bldg (Mandvi): Rs 13 crore
Golden Apartments (Nagpada) Rs 47.5 lakh