India’s Richest MP Worth Rs. 43,000 Crore or Rs. 365 Crore?

Jagan Mohan Reddy… naam toh suna hi hoga! And if you haven’t, well he is currently India’s richest MP. In May this year, Jagan had declared assets of a kickass Rs.365 crore.

But Textiles Minister P. Shankar Rao, on whose letter last year the court took up the hearing, claims that Jagan was worth Rs.11 lakh prior to 2004 (when he entered politics) but now has assets were worth Rs.43,000 crore.

Whatever the case… how did this man with a Master’s degree in Business Administration, from a small town, manage to stack up so much of that dough? –> Corruption, Silly!

But some people beg to differ, because “Y S Jagan Mohan Reddy is an industrialist mainly setting up companies in remote areas not for profit but to employ unemployed in villages there by developing their lifestyles. He is considered as the leader of youth in Andhra Pradesh.” O.O some strong statements there. Click here for a healthy scoop of goodness about Jagan that not everyone knows.

If you look at the depths India is sinking to cause of corruption, we’d rather just migrate, or continue paying a deaf ear. Even the thought of it is just sinful.

(skip to last para to save yourself from boredom) From May 2004 onwards, Jagan apparently floated a number of companies “wherein quid pro quo investments have been made out of the benefits received by the investors/beneficiaries from the decisions of the state government in various forms like
irrigation contracts,
relaxation/permission for real estate ventures,
mines etc,
besides payment of huge premium amounts in the shares and invested in the companies by such beneficiaries,” according to the order.

After going through the documents and note files pertaining to land allotments and exemptions granted by the government to various companies and individuals, the CBI had found “leads” to establish the case prima facie. As the case involves
alleged money laundering,
hawala transactions and
investments routed through tax haven countries,
the team will have officials from the enforcement directorate, income tax and other agencies to look into the matter too.

This was by far the most boring thing I’ve ever posted on politics, though I enjoy every bit of bitching (even if it’s in my head, cause everything that goes on in my mind, is not publicly accepted…and defamation could land me right next to Jagan, in court) 😛 So whether or not he is in the wrong – Indian courts force me to think – we will find out tentatively 30 years from now.