AIADMK’s Erode candidate declares assets worth ₹583 cr.
With declared assets worth over ₹583 crore, the AIADMK candidate for the Erode Lok Sabha constituency, Ashok Kumar, is one of the richest politicians contesting the upcoming election in Tamil Nadu.
In an affidavit filed with the Returning Officer on Monday, Mr. Kumar declared movable assets worth ₹526.53 crore, while the movable assets of his spouse, Karunambika, were declared to be worth ₹47.38 crore. He also declared immovable assets worth ₹56.95 crore, while those of his spouse was said to be worth ₹22.60 crore. His cash in hand stood at ₹10 lakh while that of his wife was ₹5 lakh. He also declared liabilities worth ₹12 lakh, as he had obtained a home loan from a private bank.
Most of his movable assets were in the form of fixed deposits and savings in both nationalised and private banks, investments in debentures, shares and mutual funds. The couple had no vehicle in their name. While Mr. Kumar was in possession of 10,100 g of gold worth ₹5 crore, his wife possessed 10,600 g of gold worth ₹5.50 crore. Most of their assets were located in Coimbatore, with some in Dindigul, Erode, Dharapuram, Kumarapalayam, Kangeyam and Solangapalayam.
Mr. Kumar’s sources of income were businesses and a salary, while his wife, an architect, received rental income and a salary. He had filed Income Tax returns of ₹1.09 crore for 202223, while his wife filed returns of ₹1.03 crore.
The 54yearold, a native of Pudupalayam village in Kodumudi taluk, is known for his extensive social service, including the renovation of government schools, temples and community centres.
Service to the poor
His service to the poor through meals for ₹10 and doctors’ consultations for the same price benefited lakhs of people through his Aatral Foundation, which was set up in 2021. His mother, K.S. Soundaram, is a former MP (Tiruchengodu), while his motherinlaw, C. Saraswati, is a sitting MLA (Modakkurichi).
Mr. Kumar completed an engineering degree in Coimbatore, followed by an MS and an MBA in the United States, and worked in multinational companies from 1992 to 2005. He was earlier with the BJP.