Telangana: KCR got richer by Rs 7 crore, but owes his son Rs 88 lakh
Hyderabad, Nov 15: Since he became the Chief Minister of Telangana, the assets of K Chandrashekar Rao has grown by around Rs 7 crore. While his assets grew by Rs 3.89 crore between 2014 and 2018, his immovable properties including jewellery saw an increase by Rs 3.55 crore during the same period.
These details were revealed in his affidavit while filing the nomination papers for the Telangana assembly elections.
His affidavit further states that for the financial year 2017-18, Rao earned a net income of Rs 91.52 lakh from his agricultural fields. He also paid tax of Rs 1.10 crore during the same period for his other income.
Further, Rao stated that he owns shares of about Rs 4.16 crore in the Telangana Publications Pvt Ltd.
He also owns shares of Rs 55 lakh in the Telangana Broadcasting Pvt Ltd, which is a regional news channel. He has four bank accounts each in the Bank of Baroda and State Bank of India. The total deposits are Rs 5.53 crore.
The total value of the assets owned by him multiplied from Rs 15.15 crore in 2014 to Rs 22.60 crore. He also stated that he had invested Rs 3.19 crore in the development of his farmhouse in Gajwel. The money was spent on plants, machinery, a shed and a water well.
He said that he had borrowed Rs 3 crore from one B Srinavas Rao as an unsecured loan and Rs 3.75 crore from Pact Securities and Financials. Interestingly, he owes his son K T Rama Rao a sum of Rs 88.82 lakh and his total liabilities amount to Rs 8.88 crore.