Cong MLA Nagaraju, wife own assets worth 907 crore: Fortunes almost double in 4 years

Nagaraju declared that he is an agriculturalist and a businessman, whose income sources are agriculture, house property, business and other sources.

Karnataka Elections Karnataka 2018

Congress MLA MTB Nagaraju, who represents Hosakote constituency filed his affidavit for the upcoming Karnataka Assembly elections on Thursday – and the man who was in trouble with the Income Tax department last year, has now declared that he owns assets worth Rs 709 crore. His wife, M Shanthakumari, has assets worth Rs 197 crore. Their combined assets are worth Rs 907 crore.

The MLA’s assets have almost doubled between 2014 and now. In his affidavit filed for the 2014 Lok Sabha elections, Nagaraju had declared assets worth Rs 363 crore. In the same year, he declared that his wife assets worth Rs 108 crore – her fortunes have increased by Rs 89 crore in the intervening four years.

Nagaraju declared that he is an agriculturalist and a businessman, whose income sources are agriculture, house property, business and other sources. Shanthakumari is a housewife, who earns revenue from house property and other sources.

In February 2017, the I-T department had conducted a raid at Nagaraju’s residence in Mahadevpura in Bengaluru. During the raid, the I-T sleuths claimed that he had undeclared income worth Rs 120 crore and had also found the new Rs 2000 notes and Rs 100 notes worth Rs 1.1 crore at his residence.

According to sources, Nagaraju had back then admitted to not disclosing income worth Rs 120 crore. The case under Representation of People Act (Sections 131 and 133) is currently pending, and according to his affidavit, the proceedings in the case have been stayed on April 11 this year.

Details of assets and liabilities

MTB Nagaraju has declared owning 42 pieces of agricultural land. He owns six cars, 91 pieces of non-agricultural land and 16 residential buildings.

He has declared that he is not accused of any offences— punishable with imprisonment of two years or more in any pending cases in which charges have been framed by courts.

Annual Income

Self: Rs 1,04,41,26,570

Wife: Rs 52,63,02,640

Movable Assets

Cash in hand

Self: Rs 6,67,532

Wife: Rs 4,89,999

Gross total value of moveable assets:

Self: Rs 3,14,75,54,785

Wife: Rs 1,22,40,09,258

Immovable assets

Agricultural land

He owns 42 agricultural lands worth Rs 30,86,75,504

His wife owns 1 agricultural land worth Rs 24,00,000 and 11 others worth Rs 85,25,000

Non-agricultural land

Self: 91 properties worth Rs 2,81,26,45,728

Commercial buildings:

Self: 6 properties worth Rs 39,65,30,432

Wife: 2 properties worth Rs 28,10,00,000

Residential buildings/ Apartments:

Self: 16 properties worth Rs 42,85,01,616

Wife: 65 properties worth Rs 46,02,87,000

Vehicles

Self:

Toyota Prado: Rs 65,18,761

Mahindra Bolero: Rs 7,83,680

Hyundai I 10: Rs Rs 6,50,800

Toyota Fortuner: Rs 29,00,666

Mercedes Benz: Rs 96,12,980

Mahindra Thar Jeep: Rs 4,00,000

Mahindra Bolero: Rs 5,80,000

Wife:

Porsche Prime turbo- Rs 1,72,82, 434

Loans to persons and other entities

Self: Rs 2,33,79,47,741

Wife: Rs 26,00,000

Liabilities

Loans taken from banks/financial institutions

Self: Rs 27,43,44,992

Wife: Rs 25,00,000