Naidu poorest among all chief ministers, says son

Hyderabad: If one goes by the assertion of Nara Lokesh, his father and Andhra Pradesh Chief Minister N. Chandrababu Naidu is the poorest among all chief ministers with net assets of only Rs25.3 million.

Nara Lokesh, state minister for information technology, releasing the details of assets of his family to the media on Friday in Vijayawada, said that his father had more liabilities than assets. Naidu had liabilities of Rs56.4 million including a housing loan of Rs56 million from Bank of Baroda. He also had a house worth Rs77.5 million in Hyderabad, had an old Ambassador car worth Rs152,000 and Rs4 million in savings account. On the whole, Naidu’s assets had gone up 2.77 times from last year’s Rs37.3 million to Rs81.7 million. Similarly, his liabilities had gone up from Rs30.6 million last year to Rs56.4 million this year putting his net assets at Rs25.3 million.

Interestingly, with assets of Rs115.4 million, his grandson Devansh was more richer than the chief minister. Little Devansh had assets of Rs113.2 million last year.

Chandrababu Naidu had started the tradition of making the assets of his family public in 2011 as the leader of opposition in Andhra Pradesh.

Chandrababu Naidu’s better half, an entrepreneur, had net assets worth Rs254.1 million and liabilities of Rs209 million. She had an Audi car valued at Rs9.19 million and savings bank account of Rs744,000.

Lokesh’s own assets stood at Rs263.9 million and bank loans and advances of Rs111.7 million. His wife Nara Brahmani has assets of Rs150.1 million and liabilities of Rs361.4 million. Lokesh’s son Devansh has fixed deposits of Rs115.4 million.

“I am declaring the value of all assets at the acquisition price and not the market value since it would vary from time to time,” Lokesh said.

This is the seventh consecutive year that Naidu family declared its assets making it perhaps the only political family in the entire country to do so. Nara Lokesh specifically targeted YSR Congress president Y.S. Jaganmohan Reddy saying, “He never declared his assets. Only the CBI (Central Bureau of Investigation) and Enforcement Directorate were making his assets public,” he said.

Nara Lokesh said that there was nothing wrong in doing business if it was done in a proper manner. “When Y.S. Rajasekhar Reddy was the chief minister, seven cases were filed against Heritage Company (of Naidu family) but nothing could be proved,” he said.

Criticising the opposition parties for making unfounded allegations against his family, Lokesh said, “instead they should declare their own assets and liabilities”.

Asked about inheriting political power from his father, Lokesh said that it was true but talent and ability was also necessary to remain in politics.

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