In what is assumed to be a rags-to-riches story, Congress’ Legislative Council election candidate Yusuf Sharif has arguably become Karnataka’s richest politician. He has declared assets worth Rs 1,744 crore belonging to him and his family.
The 54-year old businessman is contesting from the Bangalore Urban local authorities’ constituency, and was not much known in the party circles until his name was announced.
Sharif, also known as ‘Gujari Babu’ or ‘Scrap Babu’ as a reference to his stint in scrap-dealing. He is a native of Kolar Gold Fields. In the affidavit filed before the Election Commission along with his nomination papers, Sharif has stated he has studied till Class V at the local government school, has two wives and five children — a daughter and four sons.
He has declared Rs 97.98 crore movable and Rs 1,643.59 crore worth immovable assets in his name. While his first wife has Rs 98.96 lakh movable and Rs 1.30 crore worth immovable assets, the second spouse has Rs 32.22 lakh worth movable assets. The rest is in the name of his children.
He has liabilities of Rs 67.24 crore.
With over Rs 16.87 crore in various bank accounts, he has Rs 17.61 crore as investments in bonds, debentures or shares; while his wives have Rs 16.99 lakh and Rs 20,681 respectively in their bank accounts, and investments worth Rs 1.60 lakhs and Rs 75,000.
The family has vehicles worth over Rs 3 crore that include one Rolls Royce car and two Fortuners, and jewellery, bullion or valuables worth Rs 3.85 crore.
Sharif has four cases pending against him at the city’s police stations, three of which he claims were based on allegations made while developing property. The Income Tax department had searched his premises earlier and concluded the assessment by levying total dues of Rs 13.43 crore, against which he has appealed before Commissioner Income Tax.
Sharif was also said to be associated with the gold mining industry, by having a mill tank to purify raw gold
