DMK Min EV Velu's meteoric rise;assets multiply by 780 times

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EV Velu
New Delhi, Mar 23: Everybody is aware of the insane amounts of money that is floating when elections are declared and this time is no different. This time around, the shocker comes from Tamil Nadu when news emerged that the State Food Minister, EV Velu's revenue rose by 780 times in the last 5 years alone. It has to be remembered that this is a purely official figure.

The behemoth amount of revenue was revealed when the Election Commission made it mandatory for all candidates to reveal information about their assets, as well as those of their spouses, children and other dependents. Velu is contesting from the Tiruvannamalai constituency under the DMK's ticket.

From a person who rose from humble beginnings with assets worth only Rupees One lakh in the 2006 Assembly polls, the meteoric rise occurred in a gap of 5 years with bank deposits worth Rs 17 lakh, agricultural lands worth Rs 1.75 crore, buildings worth Rs 1.25 crore and jewellery costing Rs 5.76 lakh.

Velu has been quoted as saying to the Times of India newspaper, “My assets have gone up primarily owing to the increase in their market value. The new EC guidelines which seek more information is another reason for my showing more assets. My accounts are audited regularly and I am an income tax assessee (in the 2006 affidavit he claimed that he was not an assessee) for the past 10 years. My main source of income is from agriculture. I can only say that my auditor prepared the asset details."

It is not just Velu that has saw a humongous rise in revenue but others including T M Anbarasan, Tamil Nadu's Labour Minister who rose from Rs 91.49 lakh to Rs 4.95 crore from 2006 to 2011 in revenues.

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