Worth over Rs 300 Cr 'on paper', Congress' richest MLA KomatiReddy RajGopal Reddy quits party

Hyderabad: Ending speculations, Congress MLA Komatireddy RajGopal Reddy resigned from the party's primary membership and the assembly. Reddy is likely to join BJP though there is no official word so far. His resignation comes after he met Union Home Minister Amit Shah. Reddy said Congress is weak in Telangana and that is why he put in his papers.

TPCC President A Revanth Reddy led Congress functionaries at Telangana Bhavan and held celebrations after Reddy quit the party. There were fireworks at the Bhavan to celebrate Raja Gopal's exit from the party. The internal rivalry was evident as Raja Gopal often expressed his outburst against the TPCC President.

With Reddy's exit, the state is once again up for by-election in the Munugode assembly constituency where Congress seems to have a good hold. Reddy was one of the richest legislators in Telangana.

According to the 2019 assembly election affidavit, the man's declared assets were Rs 300 Crore. Income tax payments made up to 2019 have indicated that his assets saw a steep rise of 371%. A businessman turned politician, Reddy was a Lok Sabha MP from 2009 to 2014. In 2018, he was appointed as a member of the Telangana Legislative Council. He went on to win the Munugode assembly constituency in the 2018 general election.

Assets.

Reddy owns cash, jewellery and cars worth Rs 5.01 Crore. His wife K Lashmi owns wealth worth Rs 261.84 Crores.

He declared an investment of Rs 10,000 in shares. His wife, K Laxmi, holds over Rs 258 crore in assets in Sushee Infra and Mining Ltd, where she is a director. According to the affidavit, the firm is executing projects in various states in the country.

Rajgopal owns 1,080 grams of gold worth 35 lakh, while his wife owns 3,996 grams of gold worth Rs 1,38,17,554; 20 kg of silver worth Rs 6,80,850, and 30 carats of diamonds worth Rs 50 lakh.

On the other hand, their Immovable assets were worth Rs 19,54,30,850 and Rs 27,91,18,60. The couple owns large parcels of land in Medak, Nalgonda, Ranga Reddy and has investments in Western Constructions and Cyber Spazio in Banjara Hills of Hyderabad.

Pertinent to note that there are 26 government contracts within Telangana and outside, bagged by companies where both RajGopal Reddy and his wife Lakshmi are shareholders in the company. The total wealth of RajGopal Reddy is Rs 24.55 Crore while his wife owns assets worth Rs 289.75 Crore. The couple together owns assets worth Rs 314.31 Crore.

RajGopal has studied Arts and holds a bachelor degree from Osmania University- Hyderabad.