Top Richest politician In Andhra Pradesh |

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"Hyderabad, April 1 (IANS) With assets of over Rs.770 million (Rs.77 crore), Chief Minister Y.S. Rajasekhara Reddy's son Y.S. Jaganmohan Reddy is undoubtedly the richest politician in Andhra Pradesh.

Jaganmohan Reddy, who is making his debut in electoral politics by contesting from the Kadapa Lok Sabha seat, owns movable and immovable assets of more than Rs.774 million (Rs.77.40 crore).

He declared this while filing his nomination papers through his uncle and sitting MP from Kadapa Y.S. Vivekananda Reddy before the district returning officer and Kadapa district collector Sashibhushan Kumar.

Jaganmohan Reddy has set a record if one goes by what has been declared by other candidates who filed nomination papers for the first phase of polls.

According to the statement submitted to the returning officer, Jaganmohan Reddy owns immovable assets of nearly Rs.380 million (Rs.37.99 crore) and his wife Bharati Rs.84.8 million (Rs.8.48 crore).

The chief minister's son, an industrialist, said he has Rs.31,695 in cash and Rs.1.6 million (Rs.16 lakh) in the bank. He also has third party loans of Rs.66.3 million (Rs.6.63 crore) but no bank loans.

A major part of his money is in 15 private firms in the form of bonds and shares. This includes shares of Rs.300 million (Rs.30 crore) in Bharati Cements and Rs.61.3 million (Rs.6.13 crore) in Sandur Power Project company.

The statement also shows that Jaganmohan Reddy and his wife own properties in Hyderabad, on the outskirts of the city, and in other parts of Kadapa district, Udupi and Shimoga."