Demanding a CBI probe, Samata Party president P.K. Sinha said Jha was allotted prime land in Patna and other places very cheap.
The filmmaker plans to set up multiplexes, ultra-modern medical colleges and hospitals in the state.
Sinha was once close to Nitish Kumar during the latter's days in the Samata Party in the 1990s.
Sinha said he had also sought the intervention of Governor R.S. Gavai into the matter. "I will also file a public interest litigation if nothing moves in this connection," he said.
Early this year Jha had announced plans to build multiplexes in Patna and later a four-lane highway between Vaishali and Muzaffarpur districts in north Bihar.
Jha said he also wanted to turn the Mata Janki Kunwar Hospital in Bettiah into a full-fledged medical college and hospital as part of his goal to see Bihar on the development path.
Sinha alleged the state government had allotted one acre of land for only Rs. 1.46 million to Jha for construction of multiplexes at Patliputra industrial estate. "The actual market price of the land is Rs.48 million. The government has suffered a revenue loss of Rs.46.5 million."
"Chief Minister Nitish Kumar has acted arbitrarily to favour Jha," alleged Sinha, who is considered close to veteran Janata Dal-United leader George Fernandes.
Sinha said Jha's company Holy Cow Private Ltd had been allotted 1.18 acre of land in Hajipur near Patna much below the market rates as well as for the 1.64 acres of land in Muzaffarpur.
"It appears that Nitish and his close coterie may be having vested interests in Jha's company," Sinha charged.
He alleged that Jha was favoured in return for his services to Nitish Kumar during the assembly elections last year.
Jha, who hails from a village near Bettiah, campaigned for Nitish Kumar's Janata Dal-United during the assembly polls in 2005.