Major Political Development in Karnataka

Karnataka politics witnessed a dramatic turn on Thursday after Chief Minister Siddaramaiah resigned from his post and submitted his resignation letter to the Governor at Lok Bhavan in Bengaluru.

Before stepping down, Siddaramaiah reportedly proposed the name of Deputy Chief Minister D.K. Shivakumar as his successor. Following the resignation, Shivakumar is now widely expected to become the next Chief Minister of Karnataka.

DK Shivakumar Among India’s Richest Politicians

D.K. Shivakumar is considered one of the wealthiest politicians in India, with assets worth more than ₹1,400 crore, according to the election affidavit submitted during the 2023 Karnataka Assembly elections.

In the affidavit filed before the Election Commission and uploaded on Myneta.com, Shivakumar declared that the total movable and immovable assets owned by him and his family are valued at over ₹1,413 crore.

At the same time, the affidavit mentioned liabilities and loans amounting to nearly ₹503 crore.

Massive Investments in Stocks and Fixed Deposits

The Karnataka Congress leader has made significant investments in the stock market. According to the affidavit, Shivakumar and his wife invested around ₹4.20 crore in various companies and financial instruments, including investments linked to Union Bank, Bank of Baroda, Kaustubh Projects, and Vikras Developers.

Apart from this, he also reportedly holds fixed deposits worth nearly ₹9 crore.

Luxury Watches, Jewellery and Precious Assets

The affidavit also revealed details of Shivakumar’s luxury possessions. He owns expensive watches from premium brands such as Rolex and Hublot, each valued in lakhs of rupees.

The combined value of jewellery, gold, silver, diamonds, and other precious items owned by Shivakumar, his wife, and children was declared at more than ₹3.28 crore.

Agricultural Land and Luxury Properties

According to the election affidavit, Shivakumar and his wife jointly own agricultural land worth nearly ₹30 crore.

In addition, the family owns multiple houses and flats in Bengaluru and Delhi with a combined estimated value of over ₹84 crore.

Owner of Bengaluru’s Global Mall

One of the most significant commercial properties linked to D.K. Shivakumar is Bengaluru’s Global Mall, which is reportedly valued at nearly ₹900 crore.

Besides the mall, the family also owns several shops and commercial establishments worth crores of rupees.

Huge Bank Deposits and Property Holdings

The affidavit further stated that Shivakumar and his family members have bank deposits exceeding ₹16 crore across multiple accounts.

Overall, Shivakumar declared movable assets worth around ₹244 crore in his own name, while family assets were valued at ₹273 crore.

His immovable assets were declared at nearly ₹970 crore, whereas the family’s immovable property holdings stood at around ₹1,140 crore.

With Karnataka set for a leadership transition, all eyes are now on D.K. Shivakumar, who is expected to formally take charge as the next Chief Minister in the coming days.

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