In 2020, during his nomination for the Vidhan Parishad elections, MTB Nagaraj declared assets worth Rs 1220 crore in his and his wife’s name.

The Karnataka polls are scheduled for May 10 and candidates from various political parties are filing nominations, along with an affidavit detailing their net worth. The affidavit of Karnataka Minister MTB Nagaraj has become viral due to the staggering amount of wealth he has declared. He submitted his nomination on Monday for the Hoskote Assembly constituency in Bengaluru, revealing assets worth Rs 1609 crore.

According to Nagaraj, he is both a farmer and a businessman, while his wife, M Shantakumari, is a homemaker. His movable assets are valued at Rs 536 crore and his immovable assets at Rs 1073 crore.

When filing his nomination for the Vidhan Parishad elections in 2020, Nagaraj declared assets worth Rs 1220 crore in his and his wife’s name. This indicates that his net worth has increased by approximately Rs 390 crore in the past two years. He also declared a liability of Rs 98 crore.

Who is MTB Nagaraj?

M Nagaraj, aged 72, is a Member of the Legislative Council (MLC). He has completed his education till Class 9 and has declared that his sources of income are agriculture, paternal properties, and business.

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After winning the Karnataka Assembly elections from the Hoskote seat in 2018, M Nagaraj resigned from the Congress party the following year. He was one of the 17 MLAs who caused the collapse of the Congress-JDS government in 2019.

He was defeated by an independent candidate Sharath Bachegowda in the by-elections, who later joined the Congress party. This time, both Nagaraj and Bachegowda are contesting against each other.

According to Nagaraj’s election affidavits, he holds Rs 64,89,302 in cash, while his wife has Rs 34,29,445 in cash. They have Rs 20,12,31,011 in savings accounts and Rs 33,08,01,765 in fixed deposits. His wife’s savings accounts hold Rs 6,16,47,987, while her fixed deposits amount to Rs 1,99,5000.