June 23, 2024


Truth Triumphs

IT raids state’s richest politician – Yusuf Sharief aka KGF Babu

Bengaluru, May 29: Amidst Yash starrer blockbuster movie KGF making roaring noise across the country yet another KGF tag related news has hit the headlines.

Countries one of the richest business-man turned politician KGF Babu is under the storm of Income Tax Department allegedly for discrepancy in declaration made by him with the IT department. IT Department sleuths conducted a search and seizure operation on the premises linked to businessman and Congress politician Yusuf Sharief.

They began searches at his Vasanth Nagar residence on Saturday morning and simultaneous raids were held at the residences of some of his close associates and eight real estate companies associated with Mr. Sharief.

Sharief aka KGF Babu is a big name in Karnataka especially among politicians. A successful real estate businessman scrap-dealer hit the headlines in December 2021 after declaring Rs. 1,744 crore assets while contesting MLC elections from Congress ticket from Bengaluru Urban seat to be elected from local bodies. However, he lost the elections.

KGF Babu

The asset declaration was historically the highest any politician has declared in the Karnataka till date. A Class V drop out, Mr. Sharief was a scrap dealer who made it big. He is an MLA ticket aspirant from Kolar from Congress in the upcoming Assembly polls.

However, one has to wait and watch what the outcome of the IT raids.

Story of rags to riches:

KGF Babu hailed from KGF in Kolar. He was born in a poor family and he is the 14th son to his patents. His father had a bakery. When the bakery business ran into losses, he had to shoulder the yoke of running the family. Subsequently, he joined scrap material division of Bharat Gold Mines. With his business acumen he became successful businessman and there was no looking back for him. He also tried his hands in real estate and tasted success too.

Assets declared in 2021:

Total worth assets owned by him was Rs. 1744 crore. He has a liability of Rs. 58 crores. Three cars worth Rs. 2.99 crore. Watches worth Rs. 1.11 crore. Four mobile phones each worth Rs. One lakh. Gold weighing 4.5 kgs. Three different agriculture land worth Rs. 48 crores. Sites worth Rs.1593 crore and a posh house worth Rs. 3 crores.

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