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As Kamal Nath finds himself amidst I-T raids, son Nakul Nath declares assets worth over 600 crores in election affidavit

Nakul Nath is the Congress candidate from the Chhindwara Lok Sabha Constituency in MP.

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OpIndia Staff
Staff reporter at OpIndia

Nakul Nath, son of Madhya Pradesh Chief Minister Kamal Nath, has declared assets worth over Rs. 600 crores in his election affidavit. Nakul is the Congress candidate from the Chhindwara Lok Sabha Constituency in MP.

As per his nomination papers, Nakul has Rs 615,93,17,741 worth of movable assets while his wife owns a total of Rs 2,30,31,907 of the same. In addition, Nakul has immovable assets worth over Rs. 41.77 crores at approximately the current market price.

In the affidavit, Nakul has declared his annual income shown in his income tax returns for the past 5 financial years. From a little over Rs. 98 lakhs in 2013-14, it jumped to Rs. 3.37 crores by the end of the next financial year. The steepest increase came in the financial year 2016-17 where his income jumped to Rs. 13.34 crores from a little over Rs. 1.50 crore the previous year. Nakul’s income dropped to Rs. 2.76 crore the following year. Although it may not be related, it can be noted that demonetization happened in the same fiscal year when Nakul reported a steep increase in income.

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Nakul’s spouse, Priya Nath, reported a steep jump in income in the financial year 2017-18, the year following her husband’s steep income. Her income in 2018 jumped to over Rs. 4 crores from Rs. 22.63 lakhs the previous year.

The Congress candidate has shares worth Rs. 3.52 lakh in TV-18 Broadcast Ltd which runs various news channels such as CNBC-TV18, CNBC Awaaz, CNBC-TV18 Prime HD, CNN-News18, News18 India and IBN Lokmat. His wife, on the other hand, has invested in Reliance industries.

Nakul’s father, Kamal Nath, has found himself in the spot in recent times after the I-T Department raided 50 locations across the country. Searches were conducted at locations of MP Chief Minister’s OSD, Ratul Puri (Kamal Nath’s nephew), Amira Group, and Moser Baer. Searches were also conducted in Bhopal, Indore, Goa and 35 locations in Delhi.

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The Income Tax Department on Monday said it detected a “widespread and well-organised” racket of a collection of unaccounted cash of about Rs 281 crore during raids against close aides of Madhya Pradesh Chief Minister Kamal Nath and others.

Earlier, the Enforcement Directorate tracked down the money trail of kickbacks received by Christian Michel, the prime accused middleman in the AgustaWestland chopper scam, and it has led them to Moser Baer which is owned by Deepak Puri. It was reported that a part of the kickbacks was routed through Moser Baer which is owned by Deepak Puri. Deepak Puri is the brother-in-law of senior Congress leader Kamal Nath. Puri is married to Nita Puri, sister of Senior Congress Leader and Chief Minister of Madhya Pradesh Mr Kamal Nath and have one son Ratul Puri. Both Nita and Ratul are part of Moser Baer.

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