Parag Shah’s Net Worth Surges 500%, Becomes Mumbai’s Richest MLA

Mumbai, 9th November 2024: In Mumbai’s political arena, Parag Shah stands out, not for his speeches or public service, but for his net assets exceeding Rs 3,400 crore, marking a 500% increase since 2019. Other notable figures include Abu Azmi (Rs 272 crore), Mangal Prabhat Lodha (Rs 140 crore), and Pratap Sarnaik (Rs 133 crore). Several leaders like Hitendra Thakur, Aslam Shaikh, and Amin Patel also boast assets above Rs 50 crore.

Among the top 10 richest MLAs in the Mumbai Metropolitan Region, five are from BJP, two from Congress, and one each from Samajwadi Party, Shiv Sena, and Bahujan Vikas Aghadi. On the other hand, the 10 poorest include BJP, Shiv Sena-UBT, Shiv Sena (Shinde), and NCP candidates.

Economist Dr. Neeraj Hatekar raises concerns over the underreporting of assets, especially those in benami holdings or undervalued commercial properties, as tax agencies rarely verify such claims. Candidates like Awhad from NCP (SP) disclose assets over Rs 100 crore but also show significant liabilities. Mangal Prabhat Lodha’s assets have decreased due to rising liabilities.

Shah, a key player in real estate, saw his assets grow from Rs 500 crore in 2019 to Rs 3,382 crore by 2024. Azmi’s assets increased by 30%, from Rs 209 crore to Rs 272 crore. Sarnaik’s assets grew by 396% following his shift to the Eknath Shinde camp.

Venkatesh Nayak from the Commonwealth Human Rights Initiative pointed out that there is no timely verification of asset claims made by electoral candidates, leaving voters to rely on unverified declarations in affidavits.