- Nov 3, 2010
The Congress rebel Jagan Mohan Reddy is one politician who has no dearth for the riches. As part of the Election Commission mandate to declare candidate's assets, Jagan has declared assets worth Rs 365 crore ahead of the bypolls on May 8 to the Kadapa Lok Sabha seat. Though it comes as no surprise, AP politics has always been known for the massive financial health of its politicians.
Jagan recently rose in Andhra political circles with the death of his father YS Rajasekhar Reddy. He also owns a television channel called 'Sakshi' as well as a newspaper in the same name. The surprising bit however is that his assets swelled by Rs 250 crores in a span of just two years. The issue has caught the attention of detractors and those in the opposition. TDP MP, Nama Nageswar Rao commented sarcastically, “Is this some kind of magic, even I am a businessman but what are these numbers? This is illegal money obviously."
Bharathi, Jagan's wife is believed to have assets worth Rupees 41.33 crore, putting the couple's net assets worth a whopping Rupees 400 crore. This figure apparently does not include the shares, mutual funds and land worth crores. The figures will catapult Jagan as the second-richest MP in India if he sails through the elections victorious. The first position enjoyed by Kingfisher head Vijay Mallya whose assets are worth Rs 610 crores.
The upcoming elections is Jagan's attempt to redeem his position with the masses after the public spat with the Congress High Command that irked loyalists and supporters that led to flared emotions within the family as well. Will the power of the moolah silence the critics, only time will tell.